Fitch lowers Poland's GDP growth forecast in 2020, raises it for 2021

Fitch Agency has downgraded Poland's economic growth forecast in 2020 to minus 3.2 percent year on year from the minus 1.7 percent expected in late April, and raised it to 4.5 percent in 2021 from 4.3 percent forecast earlier.

In the same report, Fitch has lowered its global GDP growth forecast in 2020 to minus 4.6 percent from minus 3.9 percent predicted in the previous report.

According to Fitch, Poland's economy grew by 1.6 percent in the first quarter of 2020. It is expected to shrink by 6.1 percent in the second quarter, by 5.0 percent in the third, and by 3.3 percent in the fourth quarter.

Private consumption will fall by 5.0 percent in 2020 and rise by 5.1 percent in 2021, Fitch wrote.

Investments will grow by 0.1 percent this year and increase by 4.6 percent next year, reads the report published by the agency on Tuesday.