Credit Agricole lowers its GDP growth forecast

Credit Agricole Bank Polska’s analysts upheld the GDP growth forecast for this year at 4.4 percent and lowered the forecast for the next year to 3.5 percent from 3.8 percent.
“The main trends regarding economic growth in our scenario have not changed significantly compared to the last forecast. We expect that in the coming quarters, GDP growth will continue to reach relatively high levels, but it will be in a mild downward trend,” the report reads.
The downward revision of the forecasted GDP growth rate in 2020 is mainly dictated by the deterioration of the outlook for global economic growth due to the escalation of trade wars.
“In recent weeks, the likelihood of a rapid US-China agreement has been significantly reduced,” the analysts stressed.
(ISBnews)