Poland to see ‘weaker growth, but not recession’

Poland will not see a recession, though economic growth may fall to zero, said governor of the National Bank of Poland (NBP) Adam Glapinski.

“We forecast at least 0.7 per cent growth in gross domestic product, but there are many factors involved,” Glapinski was quoted as saying by the Xinhua news agency.

The central bank chief predicted that Poland’s consumer price index (CPI) will continue to rise in January and February 2023, but will start falling “consistently and fast” by the end of the first quarter.

Glapinski said all projections, including those from international institutions, show that by the end of next year inflation will fall to between 6 and 9 per cent.

On Wednesday, the NBP’s rate-setting body, the Monetary Policy Council (RPP), kept interest rates unchanged for the third month in a row.

This leaves the main interest rate at 6.75 per cent, far below November’s 17.4 per cent CPI figure.

The RPP said its decision was based on projections for lower inflation rates, a result of the restrictive policies of the world’s major central banks to help curb inflation and commodity prices across the globe.

20221209-141004

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