23:48 31 May 2021
OECD raises Poland's GDP forecast by 0.8 pp up to 3.7% in 2021
According to the May edition of the OECD Economic Outlook, the Organization for Economic Co-operation and Development (OECD) forecasts that Poland's GDP will increase by 3.7 percent in 2021, and in 2022 the GDP will increase by 4.7 percent. In December, the Organization forecasted growth for Poland at the levels of 2.9 percent and 3.8 percent, respectively.
"Following a decline of 2.7 percent in 2020, GDP is projected to increase by 3.7 percent in 2021 and by 4.7 percent in 2022. The renewed increase in the number of new infections from the beginning of the year will continue to weigh on activity However, widespread vaccination and relaxation of measures to contain the spread of the disease in the second half of the year should contribute to a strong recovery in consumption and, to a lesser extent, in investment, with inflation expected to ease due to persistent, albeit declining, spare capacity. However, the economic outlook is uncertain due to the epidemiological threats and logistical obstacles associated with the introduction of vaccines,” the report reads.
The OECD predicts that private consumption will increase by 4.3 percent in 2021, before increasing by 8.4 percent in 2022.
(ISBnews)
