Poland's GDP to grow by 0.7 pct in 2023 says World Bank

Poland's GDP should rise by 0.7 percent in 2023 against 3.6 percent forecast earlier, the World Bank has said in a report.

The World Bank has downgraded Poland's economic growth in 2023 to 0.7 percent from a 3.6-percent increase expected in June, said the bank in its report, which was published on Tuesday.

The World Bank also lowered its growth forecast for 2024, saying that Poland's GDP was likely to rise by 2.2 percent, down by 1.5 percentage points from the earlier forecast.

According to the World Bank, Poland's economy expanded by 4.4 percent in 2022.

World Bank experts wrote in a commentary that Poland's economy had been resilient to numerous global shocks and had rebounded faster than expected after the recession in 2020, but that the economic growth would slow down to below 1 percent in 2023.

According to them, one of the reasons behind this expected slowdown is considerably weaker growth in the eurozone as well as weaker home demand accompanied by higher inflation, which has been reducing purchasing power.

The World Bank economists also said that this year's economic growth in Poland would be weaker due to the delayed tightening of the monetary policy and falling demand from Poland's largest trade partners.