Poland's economy should be backed by rate cuts – Finance Minister
January 22, 2013
Finance Minister Jacek Rostowski
Poland's economy will see improvement in the second half of 2013 following weak H1, Finance Minister Jacek Rostowski told radio audience on Monday morning, adding that the country’s economic could be supported by further interest rates cuts.
"We forecast that H1 this year will be weak and in H2 the economic situation will improve," Rostowski said in RFM FM, echoing earlier comments.
Weak December macro data do not change the picture, Rostowski argues, saying 10.6% y/y December decline was in line with Ministry's expectations and creates no risk of recession in Q4.
Poland's economy could be supported by further interest rates cuts, Rostowski said.
"Poland has the third highest interest rates level in Europe," he said. "In the context of monetary policy we can do something to decrease the economic slowdown."
"Inflation is below the target and I am convinced that the rate council should take it into account and I think it will take it into account," the Minister added.