Poland to exit excessive deficit procedure in less than 2 years - PM Tusk
April 16, 2014
Poland's PM Donald Tusk
The Polish government expects to have the excessive deficit procedure lifted by the European Commission in "less than two years" thanks to the measures undertaken so far and economic recovery expected in 2014-2015, Prime Minister Donald Tusk said on Tuesday.
"We are convinced that the changes we have implemented and the rather cautiously forecast economic growth in 2014 and 2015 - all that should suffice as material that will give the European Commission grounds to believe that we will obtain the required, low level of deficit," Tusk said of a report sent to the European Commission. "This means that we will exit the Excessive Deficit Procedure in less than two years."
The Polish government expects to record a surplus of 5.8% of GDP in 2014, as measured by the ESA'95 methodology, with 2015 result swinging back to a deficit of 2.5% of GDP, according to country's convergence program.
Poland's economic growth is expected to accelerate to 3.3% in 2014 and 3.8% in 2015, according to convergence program update.
Poland is obliged to send the European Commission a report of measures taken to reduce the general government deficit below 3% of GDP by April 15 and a convergence program update to end-April.