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The Warsaw Voice » Business » January 21, 2009
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Upbeat Economic Forecasts for Poland
January 21, 2009   
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Poland will be among the three fastest growing economies in the Organization for Economic Cooperation and Development this year, according to OECD experts.

In its latest Economic Outlook report, the OECD predicts that Poland's GDP will grow 3 percent this year.

Overall, the global economy will experience a recession in 2009, the OECD says, with eurozone GDP shrinking by 0.6 percent, the U.S. economy contracting 0.9 percent, and the OECD average shedding 0.4 percent. In comparison, Poland will be doing quite well this year, OECD experts say.

According to the European Bank for Reconstruction and Development, the Polish economy will expand by 2.8 percent this year. In the face of the international crisis, the bank says Poland should cut social security spending and limit early retirement opportunities for employees. At the same time, the government should press ahead with further reforms to limit spending and improve public finances.

According to HSBC, one of the world's biggest investment banks, the Polish economy is better off than many other economies in the world. HSBC analysts say the Polish economy will slow this year but will remain unaffected by the worst fallout of the global slowdown. HSBC analysts expect Poland's GDP to grow 3 percent this year, followed by 3.5 percent growth in 2010-down from 5.2 percent in 2008. Poland's exports are expected to rise by 1.8 percent, while industrial production in the country is expected to shrink 2.9 percent this year and 3.5 percent in 2010-compared with a 5.6 percent increase in 2008.
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