A day after they criticised the European Commission’s growth forecast for 2009 as being “plain wrong” Poland’s finance ministry is to cut its GDP forecast to 0.5 to 1.0 for this year.
Previously Finance Minister Jacek Rostowski had predicted a 1.7 percent growth but data since that forecast has forced him to revise downwards.
Yesterday, Rostowski scoffed at the European Commission’s report which predicted that Poland would enter a mild recession, with a minus 1.4 percent GDP for this year and minus 0.1 for 2010 as “not reliable” and based on outdated data.
But at a cabinet meeting on Tuesday, says the Reuters news agency, the government will formally agree to revise down their own predictions and forecast limited growth for 2009 and 0.5 to 1.3 percent growth for 2010. (pg)
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EC forecasts recession, thenews.pl, May 4