EBRD ups Poland's 2010 GDP growth forecast by 0.1pps to 2.7%.

By bne IntelliNews July 23, 2010
The Polish economy will likely expand by 2.7% in 2010 and by 3.3% in 2011, the European Bank for Reconstruction and Development (EBRD) has said in a report. In May, it expected the figures at 2.6% and 3.3%, respectively. This year's growth is led by still resilient domestic demand, though this could prove fragile. ,,As the public debt burden approaches its legal limit of 55% of GDP, and the fiscal deficit remains sizable (around 7% of GDP), further measures to rein in the structural deficit will be needed," the EBRD also stressed. The government expects GDP growth of above 3.0% in 2010 and of 3.5% in 2011. The EBRD has revised downward its average growth forecasts for the region to 3.5% in 2010 from the 3.7% predicted in May . The growth forecast for 2011 was also revised downward marginally to 3.9% from 4.0%, respectively. The report warns that significant uncertainty remains as the outlook for the remainder of 2010 and for 2011 is generally weaker than recent economic activity suggests. tom

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