Poland's GDP growth to exceed 5 pct in coming years

Poland's economy will likely expand by 5 percent in the coming two or three years, according to Paweł Borys, the head of the Polish Development Fund (PFR).

“In the third quarter we can be a country which will likely return to the level of its economic activity from before the coronavirus pandemic,” Paweł Borys said at a forum organised by the Warsaw School of Economics (SGH) on Thursday.

“Poland is likely to make up for the losses as one of the leading EU countries, it will surely be among the top three,” Mr Borys added.

According to Mr Borys, recent economic data shows that 80-90 percent of all sectors have already returned to very good sentiment, while the ones which have been closed over recent months - especially services - can start returning to their regular operations and make up for their losses.

“In a moment we will be speaking about the overheating of the economy since it is being said that the current revival could be the strongest since WWII,” the head of PFR stated.

Mr Borys stated that, at the moment, inflation is not a barrier to economic development. “It is better to overcome the crisis with high inflation than with high unemployment,” he emphasised.

Prices of consumer goods and services (Consumer Price Index, CPI) increased by 4.8 percent year on year and by 0.3 percent month on month in May 2021, according to a Central Statistical Office's flash estimate.