Meanwhile, the bank expects Poland's GDP to grow 2.6 percent next year after a rebound in private consumption and investment, Poland’s PAP news agency reported.
The World Bank said in its latest Economic Update for Poland and other Central and Eastern European countries that economic growth was likely to remain subdued this year due to the ongoing fallout from Russia’s war in Ukraine, persistent high inflation and tighter financial conditions.
Poland’s central bank last month updated its GDP growth forecasts for the country, saying it expected 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) in late March 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: IAR, PAP