Good news for economic growth for Poland – World Bank

The World Bank released its Global Economic Prospects report on Wednesday, and it had a positive growth forecast for both Poland and for the global economy for the year ahead. It said that Polish economic growth will accelerate to 3.1 percent, from 2.5 percent in 2016. Also, it indicated that the global economy will grow at a rate of 2.7 percent, which is faster than the 2.3 percent growth it saw in 2016. Furthermore, the report predicted that Poland's economy could grow at a rate of 3.3 percent in 2018, and 3.4 percent in 2019, given that private consumption remains high and investment picks up. In 2016, World Bank economists predicted that growth in Poland would amount to 3.2 percent; however, Poland ended the year with rate of 2.5 percent. “The lower growth forecasts are mainly a reflection of weaker than previously expected investment dynamics,” the report explained. It also stated that growth rates are influenced by risks due to political uncertainty, and that slowing investment is in part a correction from the high levels recorded before the crisis. WB president Jim Yong Kim explained in the report, “After years of disappointing growth, we are pleased that on the horizon you [we] can see the improvement of the economic situation. We must use this time to invest in infrastructure and people, without which there can be no sustainable economic growth needed to combat poverty.”