Commentary Economy

Polish economy performing better than expected

Poland’s economy will do better than previously forecasted, according to new data from The International Monetary Fund (IMF). GDP growth is to increase, and the unemployment rate and inflation are due to decrease.

Poland’s GDP growth is expected to increase from the previously stated 3.5 to 3.8 percent. The IMF has reduced the forecast of CPI inflation to 2 percent and predicts a record low unemployment rate. 

PM Mateusz Morawiecki expressed satisfaction at these prognostics, commenting on Twitter: 

“This is further proof, that our policies support dynamic economic growth.”

In the April edition of the World Economic Outlook report it was estimated that Poland’s GDP will increase to 3.8 percent, compared to the previously forecasted 3.5 percent. The report added, that in 2020, the GDP growth will amount to 3.1 percent.

According to the IMF’s forecast, the Polish economy will be the fastest developing area in its region in 2019. The region includes Turkey, Romania, Hungary, Bulgaria, Serbia and Croatia.

The report stated that CPI inflation will amount to 2 percent in 2019, compared to the previously expected 2.8 percent. In 2018, inflation was 1.6 percent. In 2020, the IMF predicts that Polish prices will increase at a level of 1.9 percent. 

The IMF also expects the Polish unemployment rate to be 3.6 percent in 2019 and 3.5 percent in 2020, compared to 3.8 percent in 2018.

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