Polands Economic Growth Accelerates, Says World Bank

Stocks and Financial Services Press Releases Friday April 21, 2017 07:11
Warsaw--21 Apr--World Bank

Warsaw, 20 April 2017 – Poland's economic growth is expected to accelerate to 3.3 percent in 2017, compared to 2.8 percent in 2016, supported by stronger investment and consumption, according to forecasts published by the World Bank on Thursday. Growth is also expected to remain broadly stable at 3.2 percent in both 2018 and 2019.

These forecasts update earlier figures released by the World Bank in January, which called for growth of 3.1 percent in 2017, and 3.3 percent and 3.4 percent in 2018-2019, respectively.

"Following a slowdown in 2016, Poland's economy is picking up again because of new investments funded by the European Union (EU), while private consumption is rising due to strong labor market performance and the expenditure effect of the Family 500+ benefit program," says Carlos Piñerúa, World Bank Country Manager for Poland and the Baltic States. "However, the future of the global economy is still very much uncertain, which will have an impact on Poland's growth and its fiscal situation. Therefore, Poland needs to effectively implement the reforms laid out in the government's Strategy for Responsible Development, placing particular emphasis on reforms to improve the business environment and promote innovation."

The World Bank projects that Poland's deficit will widen slightly to 2.6 percent of GDP in 2017, from an estimated 2.5 percent in 2016. In 2017, budgetary spending is projected to increase as the Family 500+ program will be in effect for the whole year for the first time and the roll-back in the retirement age will impact budgetary spending from October 2017. According to the forecast, the deficit may reach the EU threshold of 3.0 percent of GDP in 2018, if not further policy actions are taken.

Budget revenues are nevertheless expected to grow as a result of the country's improving economic performance, the introduction of different measures by the Ministry of Finance, and the establishment of the National Fiscal Administration (KAS), which is expected to improve tax compliance and bridge the existing large gap in the VAT system.


Latest Press Release

Photo Release: Aegon Insights donates 100,000 THB to support CU Stem Cell Cell Therapy Research Center

Kelly Yong (right), Chief Executive Officer, Aegon Insights Thailand, donates 100,000 baht to Prof, Dr. Vorasak Chotilersa, Deputy Dean in Research Department, Faculty of Medicine, Chulalongkorn University. The donation was made to the CU Stem Cell &...

Photo Release: EXIM Thailand Joins Seminar on International Trade Risk Management Techniques for Thai SME Exporters

Dr. Rak Vorrakitpokatorn (fifth right), Senior Executive Vice President of Export-Import Bank of Thailand (EXIM Thailand), recently joined a group photo with Mr. Winichai Chaemcheng (center), Commercial Advisor to Ministry of Commerce and Mrs. Malee...

KTC launches Dine Deliciously with a Value campaign with Kagonoya.

Mrs. Pranaya Nithananon, Vice President - Credit Card Business "KTC" or Krungthai Card Public Company Limited collaborates with Miss Khunnicha Phornprapha, Deputy Managing Director - Business Development from "Kagonoya" under Eastern Cuisine (Thailand)...

Thales Expands in Singapore - Becomes the Group#s Largest Hub for Repair Activities Worldwide

Thales' newly expanded facility in Changi consolidates all avionics production and Maintenance, Repair and Overhaul (MRO) activities under one roof for better synergies and process optimisation. Thales has also invested in equipment and human capital, as...

Planta de Reserva Fria de Generacion de Eten S.A. #BBB# Debt Rating Affirmed, Outlook Still Stable

MEXICO CITY (S&P Global Ratings) June 28, 2017--S&P Global Ratings said todaythat it had affirmed its 'BBB' issue-level rating on Planta de Reserva Fría deGeneración de Eten (Eten or the project) $132 million, fixed-interest...

Related Topics