OECD's outlook on Poland's economy positive - GDP to grow 2.9 pct in 2021

New OECD figures show that Poland will be one of the “countries least affected by the pandemic crisis,” the finance minister has claimed.

According to the organisation, the fall in Polish GDP in 2020 will be lower than Poland's official budget assumptions, Tadeusz Koscinski was quoted as saying in a ministry press.

The minister said that the OECD forecasted that Polish GDP would fall by 3.5 percent this year, grow by 2.9 percent in 2021 and increase by 3.8 percent in 2022.

"These are positive forecasts consistent with market expectations," said Koscinski, adding that Poland will be "one of the countries least economically affected by the pandemic crisis. The OECD points out that we should not tighten fiscal policy too early, because it may hinder a return to the path of growth."

The minister also said that the OECD "praises Poland" for measures it has taken in its fiscal and monetary policies "which prevented a deeper recession in 2020."

He added that, according to the OECD, "measures to protect income, jobs and the liquidity of companies have effectively supported the Polish economy."

Later on Tuesday, Deputy Minister of Development, Labour and Technology Robert Tomanek said that the OECD assessment was similar to his ministry's forecast.

"We expect the economy to return to pre-pandemic levels in the fourth quarter of 2021," he said and added that the GDP decline throughout this year would amount to around 3 percent.