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The Warsaw Voice » Business » June 30, 2011
Business & Economy
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OECD Warns of Stagflation Risk
June 30, 2011   
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The global economy has been doing well, but stagflation could return if prices of crude oil continue to rise and the eurozone plunges deeper into crisis. According to OECD experts, Poland’s GDP will increase 3.9 percent this year and 3.8 percent next year. The consumer price index will reach 4.2 percent this year and drop to 3.1 percent next year.

The OECD estimated in a report that the public deficit will decline from 7.9 percent in 2010 to 5.8 percent in 2011 and 3.7 percent in 2012. “This means that the Polish government needs to take extra measures in order to bring it down to the target of 2.9 percent of GDP.”

The report also indicates that both the American and European economies are growing faster than the OECD predicted they would in its previous report from November. In this respect, Japan is the only country to do worse than expected, but that is a consequence of the March earthquake, tsunami and energy crisis.

The OECD expects the global economy to grow 4.2 percent this year, which is slower than last year, when GDP increased 4.9 percent. Next year, global economic growth is expected to reach 4.6 percent.
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