Current figures confirm a gradual slowing of Poland's economy, the head of the Polish central bank said on Thursday.
Poland's economic growth will weaken to 3.2 percent in 2023 from the 3.8 percent expected this year, while inflation will ease from this year's 9.1 percent to 7.8 percent in 2023, the government has assumed in budget guidelines.
The Polish economic growth rate reached about 5.2-5.3 percent last year, the finance minister has said.
The Polish minister of finance has praised the condition of the Polish economy and public finances at an event aimed to discuss solutions for the industry currently facing a difficult situation.
The finance minister has stated that the recent economic expansion data show the strength of the Polish economy, which has been quickly returning to a path of growth after the coronavirus-related crisis.
The World Bank has reduced its forecast for Polish economic growth this year to 3.3 percent from 3.5 percent expected earlier.
Poland's economic growth could reach up to 5 percent this year, but if the coronavirus restrictions are prolonged for a considerable time, GDP expansion may be as little as 2 percent, the head of the state-run development fund PFR, Pawel Borys, has said.
If Poland maintains the economic growth rate it enjoyed in 1990-2018, it will catch up with Germany in 21 years' time, according to a report by the Warsaw School of Economics (SGH) presented at the 29th Economic Forum in Krynica, southern Poland, on Tuesday.
With a new decade approaching, the report by American management consulting firm McKinsey in association with Forbes magazine considers two scenarios for the Polish economy: a baseline scenario and an optimistic one.
Investment in Poland as a share of GDP is relatively low compared to other EU countries, the report shows. In 2017, gross spending on investment in Poland in relation to GDP was 88.1% of the EU average – lower than in other countries in Central and Eastern Europe.