Fitch slashes Poland's growth forecasts, predicts recession

The Polish economy is expected to grow by 2.5 percent in the first quarter of 2020, shrink by 2.1 percent in the second and third quarters and shrink by 0.9 percent fourth quarter. /PAP/EPA

Poland's economic growth will decline to minus 0.6 percent in 2020, the ratings agency Fitch said in its latest forecast, cutting its previous growth estimate of 1.8 percent.

In 2021, the Polish economy is expected to rebound, with the GDP growth surging to 3.8 percent. Previously, Fitch put the 2021 growth at 3.2 percent.

The Polish economy is expected to grow by 2.5 percent in the first quarter of 2020, shrink by 2.1 percent in the second and third quarters and shrink by 0.9 percent fourth quarter.

Private consumption is to decline by 1.7 percent while investments are to edge up by 0.1 percent in 2020. Poland's CPI will reach 2.8 percent at the end of 2020 and 2.5 percent at the end of 2021.