FinMin calls OECD's GDP forecast "cautious", expects to grow by 3.8% in 2016

Despite the fact that the Organisation for Economic Co-operation and Development (OECD) has downgraded Poland's GDP forecast to 3 percent in 2016, the Ministry of Finance announced that it will stand at 3.8 percent this year. "The source of the OECD's pessimism comes from underestimating the scale of changes to domestic demand of the private sector (mainly households). The OECD, in its forecast, assumed that real growth will stand at three percent as it was last year. However, only in Q1, the demand increased by 3.2 percent y/y," the Ministry said in a comment. The OECD reviewed the economic forecast for Poland on Wednesday,  downgrading the GDP growth to 3 percent in 2016 and 3.5 percent in 2017