The World Bank has upgraded Poland’s expected economic growth figures for 2020, forecasting a 3.9 percent GDP drop instead of a 4.2 percent decline predicted in June.
In a report on the economic situation in Europe and Central Asia, the World Bank observed that the Polish economy will contract for the first time in nearly 30 years.
The bank said Poland is likely to return to a moderate growth path in 2021 on the back of the easing of pandemic restrictions, return to the normal functioning in a number of sectors, the government’s relief programmes and a slow rebound expected among Poland’s major trade partners.
The bank expects Polish economic growth to reach 3.5 percent in 2021, thus raising its previous forecast of 2.8 percent published in June.
However, the forecasts have a large margin of error and may prove too optimistic, World Bank analysts say.