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Bank Sarasin forecasts 4% growth in Poland in 2012


2011-10-10



Bank Sarasin, a leading Swiss private bank, has delivered an optimistic forecast of economic growth in Poland in 2011-2012. It expects GDP growth in the country to slow somewhat to 3.6% this year, before rebounding to 4% already next year. The unemployment rate is projected to rise to 11.8% before the end of the year, only to fall to 11.3% in 2012, while average annualised inflation is to be 4.4% in 2011 and 3% in 2012.

According to Jan Amrit Poser, the chief economist at Bank Sarasin, the new government is likely to raise taxes in order to meet its deficit and debt-reduction targets, whereas the Monetary Policy Council (RPP) may decide to cut interest rates to support growth.

Bank Sarasin, which is majority-owned by Rabobank of the Netherlands, at the end of June 2011 had assets under management worth CHF 101.6bn (approx. €81.9bn). It established a direct presence in Poland in March 2009.



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