Fitch cuts Poland's 2020 growth forecasts

Poland's economic growth will decline to minus 1.7 percent in 2020, the ratings agency Fitch said in its latest forecast, cutting its previous growth estimate of minus 0.6 percent.

In 2021, the Polish economy is expected to rebound, with a likely surge of GDP growth to 4.3 percent. Previously, Fitch put the 2021 growth at 3.8 percent.

The Polish economy is anticipated to decline by minus 3.9 percent in the second quarter, minus 3.3 percent in the 3rd and minus 1.9 percent in 4th quarter of 2020.

Private consumption is to likely to drop by 3.4 percent while investments should edge up by 0.4 percent in 2020. Poland's CPI is estimated to reach 2.8 percent at the end of 2020 and 2.5 percent at the end of 2021.