Poland's central bank, the National Bank of Poland (NBP), does not predict a recession in the country, but economic growth may fall to zero, the central bank governor has said.
Inflation in Poland will remain high in the short term, and its return to the central bank's target band will be gradual, the Monetary Policy Council (RPP) said in a statement after a no-change rate decision on Wednesday.
Poland's inflation rate is expected to slow down in March 2023, the Polish Economic Institute (PIE), a government think-tank, has said commenting on the latest figures from the Central Statistical Office (GUS).
Poland's record-high inflation may start to drop in the second quarter of 2023, according to Mateusz Morawiecki, the prime minister.
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Increases in food prices in Poland will be biggest in Q4 2022 and will slow in subsequent quarters to single-digit growth expected in Q4 2023, the National Bank of Poland (NBP) has forecast in its November inflation report.
Poland's GDP is expected to rise to 4.6 percent in 2022, according to projections from Poland’s central bank released on Monday.
Inflation will peak at around 19 percent at the start of next year, but will fail to break the 20-percent barrier, said Adam Glapiński, governor of the National Bank of Poland (NBP).
Poland's rate setting council said on Wednesday that its decision to put interest rates on hold was based on expectations that the global economic slowdown along with monetary tightening in Poland and abroad will lower inflation towards the central bank's inflation target.
The Monetary Policy Council (RPP), the Polish central bank's rate-setting body, has kept the reference interest rate at 6.75 percent, it announced on Wednesday, despite rising inflation.
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