Poland's GDP to grow by 1.6 pct World Bank says
Poland's GDP should rise by 1.6 percent in 2023 after 4.0-percent growth in 2022 and against 3.6 percent forecast earlier, the World Bank has said in a report.
"Poland’s economic growth is expected to slow down in 2023 more markedly than initially expected because the continuing war in Ukraine has dimmed prospects of a post-pandemic economic recovery across Europe," said the bank in its report, which was published on Tuesday.
The bank said that the war has led to trade distortions, shocks on the food and fuel markets, caused high inflation and, as a consequence, a tightening of the monetary policy by many central banks in the world.
The World Bank lowered its growth forecasts for 2023 for most European and Central Asian countries, adding that these forecasts are subject to great uncertainty, as a prolonged war may cause even greater economic and environmental losses and further disrupt international trade and investment.