The World Bank expects the Polish economy to grow by 2.6 percent in 2024 and 3.4 percent in 2025, an increase of 0.2 percent, despite pessimism about growth prospects in the global economy.
The bank’s analysts predict that the first half of the 2020s will produce the slowest global growth rates for over 30 years. The slowdown will affect developing economies too, which will grow by 3.9 percent. The World Bank further states that many countries will have GDP rates lower than at the start of the pandemic.
Poland’s prospects are much brighter in comparison. Despite predicting that the Polish economy will grow by 0.5 percent in 2023, and not 0.7 percent as previously expected, the bank now forecasts a stronger rebound for the Polish economy this and next year.
However, the situation in the eurozone remains a cause for concern, as the bulk of Poland’s exports are to that region. The slackening demand in Germany, Italy, France, and the Netherlands presents a major challenge for Poland.
The World Bank has lowered its forecast for the eurozone’s growth for 2024 by 0.6 percent from 1.3 percent and next year by 0.7 percent, meaning growth will only come in at 1.6 percent. Inflation remains a concern as well, which the bank believes will be a negative factor for the whole region.
