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.
The Polish economy grew by 4.5 pct year on year in the second quarter of 2019, down from a 4.7 pct growth in the first quarter, the Central Statistical Office (GUS) said on Friday. In its earlier flash estimate, GUS put the Q2 growth rate figure at 4.4 pct.
Leading Portuguese weekly 'Expresso,' predicting recession in Europe, has pointed to Poland as a "world leader in economic growth" among developed countries, pointing out that since 1992, only Australia has kept up with Polish GDP growth.
"Poland is ready for a global economic slowdown. Poland's GDP growth should visibly drop to below zero to make our deficit come close to the EU limit," the Deputy Finance Minister Leszek Skiba told the Dziennik Gazeta Prawna daily on Thursday.
Leading German business daily Handelsblatt, which literally translates as ‘commerce paper,’ on Tuesday has written of the Polish economic miracle.
Poland's largest lender by assets, PKO BP, has maintained the forecast of Poland's economic growth at 4.6 pct in 2019 and slightly raised its forecast for next year to 3.7 percent, PKO BP's chief economist, Piotr Bujak, said on Thursday.
"Private consumption is expected to strengthen in the second half of 2019 and in early 2020, as new fiscal transfers and tax cuts increase household disposable income, the European Commission said.
Global ratings agency Fitch has raised its GDP growth forecast for Poland to 4.2 percent in 2019 from the previously expected 4.0 percent.
This year Poland’s GDP will exceed $600 billion for the first time in history.
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