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World Bank: Polish economy to slow to 2.9% growth in 2012, remain one of EU’s best performers


Economic growth in Poland will slow to 2.9% in 2012 from an estimated 4% in 2011 due to the slowdown in the EU15, but the country will continue to grow faster than most of the Union thanks to strong domestic demand and a competitive enterprise sector, the World Bank says in its latest EU10 Regular Economic Report, released on 16 November.

According to the report, which examines the performance and prospects of 10 EU Member States in Central and Eastern Europe, only two EU10 countries will grow faster than Poland in 2012, namely Estonia and Lithuania, both of which are projected to expand by 3.5% next year (a similar pattern is estimated for 2011).

Furthermore, Poland is one of only three EU10 countries where output is projected to exceed pre-crisis levels in 2012, the other two being the Czech Republic and Slovakia. According to the World Bank, the reason is that "these countries had the lowest macroeconomic imbalances going into the crisis, and were well-placed to take advantage of the global recovery through trade and production ties with EU15 countries".

Growth in the EU10 as a whole is projected to slow to 2.1% in 2012 from an estimated 3% in 2011. The Czech economy is forecast to grow by 1% in 2012, down from 2.1% in 2011; Slovakia by 1.5%, down from 3%; while Hungary by 0.5%, down from 1.7%.

The EU10 countries are the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia, and Slovenia. The EU15 countries include Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Spain, Sweden, and the United Kingdom.

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