Moody's downgrades Poland's GDP growth to -3.8 pct in 2020

Ratings agency Moody's has downgraded Poland's economic growth forecast to minus 3.8 percent from an earlier forecasted negative of -2.0 percent growth in 2020.

According to Moody's Thursday report, Poland's economy is to grow 4 percent in 2021 against an earlier forecasted 3.4 percent.

"The revised forecast assumes that the crisis will bring significant negative impact for the economies of Central and East Europe in the 2nd quarter of 2020 and economic activity will only gradually recover in the 2nd half of this year," Moody's wrote.

"We expect that all economies in the region will see positive growth in 2021, but the region will only make up for the lost output in 2022," the authors of the report added.