World Bank raises Poland's GDP growth forecasts to 3.5% in 2010, 4.1% in 2011.

By bne IntelliNews November 19, 2010
The World Bank has raised its forecasts for Poland 's economic expansion - to 3.5% in 2010 from 3.0% expected in July, and to 4.1% from 3.7%, respectively, in 2011, said Kaspar Richter, senior economist in the World Bank's Europe and Central Asia Region and lead author of its EU10 Regular Economic Report, launched in Warsaw. "However, there are still tough challenges that Poland will have to face in the near future to shore up growth prospects. They include reviving credit growth for companies, bringing about fiscal consolidation, and generating jobs, especially for the young and low-skilled," Richter added. The World Bank stresses that Poland's economic growth is helped by modest adjustment needs during the crisis, a normalization of global trade and capital flows, and also by "solid consumption." In early November, the International Monetary Fund (IMF) raised Poland's GDP growth forecasts for 2010-2011 to 3.5% from 3.4% and to 3.75-4.00% from 3.7%, respectively. 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 - the economy ministry puts the figure at 3.6%) and at 3.5% in 2011 (vs. last year's 1.7%). ISB

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