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OECD lifts growth forecast for Poland


The Organisation for Economic Co-operation and Development (OECD) has raised its outlook for GDP growth in Poland in 2010 and 2011, and issued an optimistic forecast for 2012. The OECD expects the Polish economy to expand by 3.5% this year, up from 1.7% in 2009 and compared with an earlier forecast of 3.1%, and to accelerate to 4% in 2011, up from 3.9%. In 2012 growth is expected to pick up further to 4.3%.

According to the Organisation, a strong recovery in underway in Poland thanks to “booming exports, a recovery in private and public consumption and stock rebuilding”. The OECD reckons that the momentum will be sustained by infrastructure investments linked to EU transfers and preparations for the EURO 2012 football championships.

The OECD expects that with inflation on the rise, monetary tightening will have to start early; and that the government’s fiscal consolidation plan will pull the general government deficit below 7% of GDP in 2011 and “should help to bring public finances a step closer to a sustainable path in 2012”.

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