Poland's economic slowdown seen as temporary - Finance Minister for FT.
November 2, 2012
Poland's Finance Minister Jacek Rostowski
Poland's Finance Minister Jacek Rostowski is "quite confident" economic slowdown in Poland will prove temporary, Rostowski said in an interview for the Financial Times newspaper.
"Now, if indeed as we think it is the case, that the danger of a catastrophic outcome [in the euro zone] is no longer present, then I'm quite confident that the slowdown will just be temporary," Rostowski said.
Among aspects "which would actually argue for a pick-up in growth," Rostowski points to improved situation of the public finance, progress in deregulation and improved infrastructure.
In such a situation Poland should not have any problems with financing its borrowing needs, the minister believes.
"I think [debt] will be very easy to place, frankly, because we are one of only four countries in the European Union whose debt to GDP ratio is actually declining, our growth is resilient, our deficit is declining, and we're coming into 2013 with a lot of the financing insured," he said.
Moreover, Poland still has the flexible credit line at the IMF at its disposal, he added.
Poland recorded 3.6% economic growth in Q1 and 2.3% growth in Q2, according to the Central Statistical Office (GUS) data.
Poland has already financed 2012 borrowing needs and has moved on 2013 needs, with 10% financed so far.