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Credit Suisse raises growth forecast for Poland


2010-12-01



Credit Suisse is the latest financial institution to revise upwards its forecast of economic growth in Poland this year and next. The Swiss banking group now expects the Polish economy to expand by 3.8% in 2010, up from previously forecast 3.5%, and to accelerate to 4% in 2011, compared with 3.6% in the earlier forecast. And in 2012 GDP growth is expected to remain at around 4%.

Credit Suisse estimates that the projected rate of GDP growth should help bring the unemployment rate to 9% by the end of 2012. The projection is based on average nominal wage growth of 4% and annual employment growth of 2%.

The main downside risk to this scenario is a possible weakening of economic activity in the eurozone in the coming quarters.



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