In the positive scenario that the ongoing coronavirus crisis is over by the end of May, Polish GDP growth in 2020 might reach 0-0.5 percent, Finance Minister Tadeusz Kościński told public radio on Thursday.
Poland's economic growth will decline to minus 0.6 percent in 2020, the ratings agency Fitch said in its latest forecast, cutting its previous growth estimate of 1.8 percent.
The Polish general government deficit reached 0.7 percent of the country's GDP in 2019, which compares to a 0.2 percent deficit in the previous year, the Central Statistical Office said in a preliminary estimate on Wednesday.
Agency’s positive rating reflects the strength and resilience of the Polish economy.
The Polish government's borrowing needs will not exceed the 4-5 percent of GDP range, Paweł Borys, head of the Polish Development Fund (PFR), said in a video conference on Thursday.
Over a million people may lose their jobs if the Polish government does not take countermeasures to help companies which are suffering due to the coronavirus epidemic, the Rzeczpospolita daily wrote on Tuesday.
According to a baseline scenario, Poland’s GDP will decline q/q in the second quarter of 2020 without a y/y decline, but the scenario of a y/y decline cannot be fully ruled out, Deputy Finance Minister Leszek Skiba told Dziennik Gazeta Prawna on Monday.
The coronavirus epidemic will certainly cut the original 3.7 percent GDP growth that Poland planned to reach in 2020, and a 2 pct economic expansion should be seen as a very good result, Finance Minister Tadeusz Kościński said in a comment for PAP on Friday.
Appearing on CNN tonight, PM Mateusz Morawiecki said that the plan “includes a safety net for workers, up to forty percent of the salary of an employee will be reimbursed to the company from the State budget.
Global ratings agency Fitch, in its report on Thursday, stated that it had cut the GDP growth forecast for Poland to 1.8 percent in 2020 from the previously expected 3.3 percent.