IMF again cuts Poland's GDP growth forecasts, to 2.25% in 2012, 1.75% in 2013.

By bne IntelliNews November 19, 2012
After robust growth last year, the Polish economy is feeling the effects of headwinds from Europe, with growth being projected to slow further, according to a statement by the International Monetary Fund (IMF), issued at the end of its mission to Poland. Rising unemployment and tight credit availability are expected to weigh further on household spending. Public investment will continue to decline and private investment is expected to rebound only when uncertainty about external and domestic prospects dissipates, the Fund said. Overall, GDP growth is projected to slow from about 2.25% in 2012 to 1.75% in 2013. On Oct 9, IMF issued its forecasts, under which it saw these figures at 2.4% and 2.1%, respectively. The government expects economic growth at 2.5% in 2012 (vs. last year's 4.3%) and at 2.2% in 2013. Risks around this outlook are on the downside, as a deeper or more protracted slowdown in Europe or a re-intensification of the crisis would affect Poland through substantial trade and financial channels, IMF also warned.

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