Polish GDP to grow 3.4% in 2024: S&P
International ratings agency S&P Global has upgraded its forecast for Poland’s GDP growth next year to 3.4 percent, from a previous projection of 3.2 percent.
Pixabay LicenseImage by Gerd Altmann from Pixabay
Meanwhile, the agency upheld its forecast for Polish economic growth in 2023 at 0.9 percent, Poland’s PAP news agency reported.
S&P, one of the world’s „Big Three” credit rating agencies, last month affirmed Poland’s „A-” long-term foreign-currency credit rating, with a stable outlook, as economies struggle with the fallout from Russia’s war against Ukraine.
It cited Poland’s diversified economy, NATO and European Union membership and manageable levels of public and private debt as the rationale for the rating action at the time.
The agency predicted, however, that the military conflict between Russia and Ukraine would have a negative impact on Poland’s economy.
Poland’s central bank this month updated its GDP growth forecasts for the country, saying it now expects the economy to expand 0.9 percent this year, followed by 2.1 percent growth in 2024 and 3.1 percent in 2025.
The International Monetary Fund (IMF) last week said it expected the Polish economy to expand by 0.3 percent in 2023 amid challenges including the Ukraine war and inflation.
Poland’s President Andrzej Duda in early February signed into law the country’s budget for 2023, which expects the economy to grow 1.7 percent this year.
The Polish economy expanded by 4.9 percent in 2022, according to a preliminary estimate by the country’s statistics office.
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Source: PAP
