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EC forecasts show Poland coped well with COVID-19 pandemic: Fin Min

The European Commission’s (EC) forecasts confirm that the Polish economy coped “relatively well” with the COVID-19 pandemic, Tadeusz Kościński, the Finance Minister told the Polish Press Agency (PAP).

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“According to the latest forecasts, last year’s recession in Poland was one of the shallowest among EU countries,” Mr Kościński said, adding: “Only Ireland, Lithuania and Luxemburg achieved a better result. That confirms that the Polish economy coped relatively well with the hard times of the [COVID-19] pandemic.”

New EC figures put Poland’s expected GDP growth for this year at 4 percent and 5.4 percent next year.

“The forecasts for Poland for the years 2021-2022, are higher than EC projections from February this year by 0.9 and 0.3 percent respectively,” the Minister said, adding that “the use of funds from the Recovery and Resilience Facility will also have an influence on the improved dynamic expected by the EC in 2022.”

Mr Kościński also drew attention to a reduced budget deficit also expected by the EC.

“The EC expects a fall in the nominal deficit in the years 2021-22, earlier than assumed by the Ministry of Finance, by respectively 4.3 percent of GDP and 2.3 percent of GDP against 7 percent of GDP in 2020,” Mr Kościński said.

Europe's economic prospects are looking brighter.

The Spring 2021 Economic Forecast projects that the EU economy will expand by:

?4.2% in 2021
?4.4% in 2022

More here: #ECforecast

— European Commission ?? (@EU_Commission) May 12, 2021

The EC forecasts published on Wednesday put inflation in Poland at 3.5 percent in 2021, falling to 2.9 percent the following year.

Brussels also expects a fall in unemployment in Poland to 3.5 percent this year, which would be the lowest rate in the EU. In 2022, the unemployment rate is expected to shrink to 3.3 percent, also the lowest in the bloc.

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