Poland to have public finances in order by 2015?
Prime Minister Donald Tusk said his government expects to have the excessive deficit procedure lifted by the European Commission in “less than two years time” thanks to fiscal consolidation measures undertaken so far and economic recovery expected in 2014-2015.
“We are convinced that the changes we have implemented and our rather cautious forecasts regarding economic growth in 2014 and 2015 - all that should suffice as material that will give the European Commission grounds to believe that we will obtain the required, low level of deficit,” Tusk said of a report sent to the European Commission.
“This means that we will exit the Excessive Deficit Procedure in less than two years,” he added.
The Polish government expects to record a budget surplus of 5.8 percent of GDP in 2014, as measured by the ESA'95 methodology, with 2015 ushering in a deficit of 2.5 percent of GDP, well below the EC-required 3 percent threshold.
