IMF raises Poland's GDP growth forecasts to 3.50% in 2010, 3.75-4.00% in 2011.

By bne IntelliNews November 2, 2010
Poland's economic growth will likely accelerate to 3.50% in 2010 and further to 3.75-4.00% in 2011, though external risks are on the downside, the International Monetary Fund (IMF) has said in Concluding Statement of the 2010 Staff Visit . In early October, the Fund increased its forecasts for Poland to 3.4% (from July's 3.1%) and to 3.7% (from 3.5%), respectively. ,,GDP growth accelerated in the first half of 2010, led by inventory accumulation and private consumption. Looking forward, strong employment growth is expected to support consumption; improved corporate profitability should boost private investment; and EU-funded public investment will grow," the document reads. The IMF also noted that Poland's fiscal deficit continued to widen in 2010, but is expected to narrow in 2011 as the result of fiscal consolidation. The fund project that the fiscal deficit will fall to around 6.5-6.7% of GDP in 2011. Under the 2011 budget draft, (seasonally unadjusted) GDP growth is expected at 3.0% in 2010 (though government representatives repeatedly admitted that the result might be higher) and at 3.5% in 2011 (vs. last year's 1.7%). Tom

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