Poland's GDP growth to exceed 5 pct in coming years

Referring to inflation, Borys said that, at the moment, it was not a barrier to economic development. "It is better to be overcoming the crisis with higher inflation than with high unemployment," he said. Piotr Nowak/PAP

Poland's economy will likely expand by 5 percent in the coming two or three years, according to the head of the Polish Development Fund.

"We can be a country which, in the third quarter, will likely return to the level of its economic activity from before the coronavirus pandemic," Paweł Borys said on Thursday.

"Poland is likely to make up for the losses as one of the first EU countries, it will surely be among the top three," Borys told a forum organised by the Warsaw School of Economics (SGH).

According to Borys, recent economic data show that 80-90 percent of all sectors have already returned to very good sentiment, while the ones which have been closed over the recent months - especially services - can start returning to their regular operations and make up for their losses.

Borys added that a quick economic revival was visible not only in Poland but also in the world.

"In a moment we will be speaking about the overheating of the economy since it is being said that the current revival could be the strongest since WWII," he stated.

Referring to inflation, Borys said that, at the moment, it was not a barrier to economic development. "It is better to be overcoming the crisis with higher inflation than with high unemployment," he said.

Prices of consumer goods and services (Consumer Price Index, CPI) increased by 4.8 percent year on year and by 0.3 percent month on month in May 2021, according to the Central Statistical Office's flash estimate.