Glapiński sees economic slowdown in the coming quarter, GDP rebound in 2023

Poland’s central bank head Adam Glapiński expects a slowdown in economic growth in the coming quarters. He assured, however, that although a temporary decline in GDP on a quarterly basis cannot be ruled out, Poland is certainly not in danger of an economic downturn.

The expected period of a strong economic slowdown in 2023 will most likely be short-lived and in the second half of the year the dynamics of economic growth will accelerate, he said. According to the National Bank of Poland’s July forecast, there is a 50% probability that the annual GDP growth will be in the range of 3.9-5.5% in 2022, 0.2-2.3% in 2023, and 1-3.5% in 2024.

Glapiński also said that inflation has reached its peak and will start declining, adding that there is no need for a strong tightening of monetary policy. At the same time, ING analysts say that the inflation situation is not contained, and the monetary council will have to further hike rates,  although on a much smaller scale than in the first half of this year.

 (ISB News)