22:26 14 March 2022
As a result of the war in Ukraine, GDP growth will slow down to 3.5% this year: PIE
In the conditions of the ongoing war in Ukraine, GDP growth will slow down to 3.5 percent this year and slightly accelerate to 3.6 percent next year, estimates the Polish Economic Institute (PIE). According to PIE, the decline in economic activity will be driven by the weakening of exports, the lower inflow of foreign investments, and changes in the volume of consumption.
"Before Russia attacked Ukraine, we forecasted the economic growth rate of 4.3 percent in 2022 and 4.5 percent in 2023. Today we know that the raw material shock will have long-term consequences. Ultimately, however, it will depend, among others, on the number of migrants who will stay in Poland and the use of funds from the National Reconstruction Plan," Jakub Rybacki, deputy head of the macroeconomics team at PIE, said.
(ISBnews)
