The Commission, the executive arm of the European Union, said on Tuesday it expected the Polish economy to grow 4.2 percent in 2019, rather than the 3.5 percent it predicted in February. It also raised its 2020 GDP growth forecast for Poland to 3.6 percent from 3.2 percent.
Second fastest GDP growth in EU?
If the latest forecasts prove accurate, Poland will be the second fastest-growing economy in the EU this year, outpaced only by Malta, state news agency PAP reported.
“Private consumption is set to remain the key growth driver in 2019 and 2020 supported by a robust increase in wages,” the Commission said in its Spring 2019 Economic Forecast.
It added: “An increase in social transfers will act as additional stimulus until around mid-2020.”
The report noted that Polish economic growth hit 5.1 percent in 2018, the fastest pace in more than a decade. Poland notched up the third-fastest economic growth in the European Union in 2018, outperformed only by Ireland and Malta, the European Commission said in its report in February.