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Thursday, April 25 2024
Europe

Warsaw: IMF downgrades Poland’s growth forecast

New Project 2022 10 12t151013.326
Photo Credit : IANS

Warsaw: The International Monetary Fund (IMF) has lowered Poland’s growth forecasts by 0.7 and 1.5 percentage points, respectively, for this year and 2023.

According to the latest IMF World Economic Outlook report published on Tuesday, Poland’s gross domestic product (GDP) is expected to grow 3.8 per cent in 2022 and 0.5 per cent in 2023, compared to previous expectations of 4.5 per cent and 2 per cent, reports Xinhua news agency.

Poland’s average annual consumer price index (CPI) is currently seen at 13.8 per cent and is expected to reach 15.8 per cent at the end of the year.

In 2023, the average annual inflation will be 14.3 per cent before falling to 9 per cent at the end of the year, the report said.

According to the IMF, Poland’s current account deficit is likely to reach 4 per cent of GDP this year, and 3.3 per cent in 2023.

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