Bank Pekao lowered GDP growth forecasts to 0.4% in 2023 and to 2% in 2024
15:11
Bank Pekao has revised its GDP growth forecasts for this year, lowering it from 0.9% to 0.4%. Additionally, the forecast for next year has been adjusted from 3.1% to 2%. This downward revision is based on weaker-than-expected macroeconomic data and an unfavorable external environment.
The economists from Bank Pekao wrote on Twitter that one of the contributing factors to the lower growth is the significant decline in private consumption. In particular, in the second quarter, they anticipate a year-on-year decrease of approximately -3%.
Furthermore, while investments by medium and large companies remain strong and foreign direct investment (FDI) continues to flow in, there is a concern regarding public investments. The economists estimate that local government expenditures will rise by more than 30% year-on-year, primarily driven by the election cyc
