Economy
14:53 5 June 2023
Post by: WBJ

European Financial Congress experts see Poland’s GDP at 0.8% in 2023, 2.7% in 2024

European Financial Congress experts see Poland’s GDP at 0.8% in 2023, 2.7% in 2024
Source: Pixabay

According to experts from the European Financial Congress (EFC), the Polish economy is expected to grow by 0.8% this year, 2.7% next year, and around 3.5% in the years 2025-2026. The moderate growth is attributed to low levels of investment in recent years and less favorable near-term forecasts. The forecasts indicate an average annual investment growth rate of 3.7% between 2023 and 2026, with no year exceeding 5.5%. Private consumption is projected to be negative at -0.5% this year due to inflationary impact, leading to a decline in real income and consumption. Inflation is expected to remain high this year, with an average annual rate of 12.8%, gradually decreasing to 9.3% by year-end and 6% in the following year.

Concerns were raised about the level of the public finance sector deficit, projected to be 5% of GDP this year, 4% in 2024, and around 3.5% in subsequent years. Experts emphasized that sustained deficits coupled with potential economic growth would lead to debt accumulation and higher debt servicing costs. The EFC report also highlighted expectations of a stable debt-to-GDP ratio, increasing from 50% this year to 52% next year.

Source: ISBnews


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