EC official says upgrading Poland's GDP growth forecast is spectacular
The EC Commissioner for Economic and Financial Affairs, Taxation and Customs described on Tuesday the upgrading of Poland's economic growth forecast for 2019 as spectacular and added that the fiscal stimulus, or increased public outlays, were the chief reason.
Pierre Moscovici explained at a press conference in Brussels that the raising of Poland's GDP growth forecast is a result of Poland's good economic results at the end of 2018, new social transfers and good exports.
The official underlined that there were three reasons behind the EC decision to upgrade the forecast, and stressed this was spectacular. He said that the 2018 growth - especially in the last quarter - came as a surprise, and added that it contributed to its further growth, also fuelled by Poland's international competitiveness. Moscovici also emphasised the importance of fiscal stimuli.
In February, the EC expected Poland's economic growth to slow down to 3.5 percent in 2019 while on Tuesday it upgraded its forecast to 4.2 percent. In 2020, Poland's economy is to expand by 3.6 percent from the 3.2 percent expected in February.