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World Bank forecast optimistic about Poland, central Europe region

Xinhua, January 22, 2015 Adjust font size:

The World Bank estimates that Poland's economy, as well as that of the whole Central Europe region, will grow stably in 2015, according to the bank's latest Global Economic Prospects report, discussed during Poland National Bank's conference held on Wednesday.

The World Bank economist on the Central Europe region, Theo Thomas said the economic growth of the region would be relatively stable at 2.7 percent.

"We can observe that the consumers feel safe and we see the return of investments," Thomas said about Poland's constantly growing consumption level, adding that both Poland and the whole region was one of the most rapidly growing sub-regions of the EU.

Analyzing the economic situation of the Central Europe region, Thomas pointed out that the decline of fuel prices might stimulate local consumption, however, there was still a need to rebuild investments, which has weakened over the past few years. In his opinion, 2015 and 2016 would be a period of returning to stability and balance for the whole region.

During the conference, Polish deputy Minister of Finance, Artur Radziwill said Polish matters of concern were currently the situation in the eurozone.

He said the economical growth of Poland "is quite solid, sustainable...the domestic demand is growing. However, Poland is still relying on its main business and investment partners in Europe and eurozone." Therefore, the stagnation and deflation in Europe might be troublesome for the country as well, he said.

Radziwill said Poland was currently creating fiscal buffers which would provide flexible and effective reaction to any possible outside impacts. He underlined that the perspectives for Poland were good and it could reach the assumed GDP level (3.4 percent in 2015).

The World Bank is expecting Poland's GDP growth to be at 3.2 percent in 2015, while the actual perspective for 2016 year is 3.3 percent. Enditem