OECD upholds Poland's GDP growth forecasts at 3.1% in 2010, 3.9% in 2011.

By bne IntelliNews November 19, 2010
Poland's economic growth will likely accelerate to 3.1% in 2010 and to 3.9% to 2011 from last year's 1.7%, sustained by infrastructure investments, partly financed by EU funds, and driven to some extent by the 2012 football championship, the Organisation for Economic Co-operation and Development (OECD) has said in the autumn edition of its Economic Outlook . Thus, it has upheld its forecast from the May edition of the Outlook . After bottoming in the summer of 2010, inflation is projected to rise, pointing to the need for an early start to monetary tightening , given the long lags involved, the OECD also said. The general government deficit is likely to reach nearly 8% of GDP in 2010, up from 7.1% in 2009, the organisation deems. Announced measures will bring the budget deficit to below 7% of GDP in 2011. Capping public spending along with tax hikes should help to bring public finances a step closer to a sustainable path in 2012, it also said in the report. tom
  OECD's forecasts for Poland
2009 2010 2011
GDP - y/y % 1,8 3,1 3,9
Unemployment (% of labour force) 8,2 8,9 8,6
Fiscal balance (% GDP) -7,1 -6,9 -6,5
Inflation (CPI) 3,8 2,7 2,8
Gross fixed capital formation - volume -0,4 2,5 11,1
Exports - volume -9,6 5,9 6,8
Imports - volume -13,5 5,6 8,9
Current account balance (% of GDP) -1,6 -1,6 -2,7
Source: OECD

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