Poland’s economy to rebound in 2022: central bank head

Poland’s economic growth in the coming years will be fast and should exceed 5 percent, while forecasts indicate that inflation will decline next year, said the chairman of the Polish National Bank NBP Adam Glapiński in an interview with Gazeta Prawna daily.

According to him, this will be possible due to the weakened influence of many supply and regulatory factors, which caused inflation to rise above the target in 2021.

“What is particularly important from the perspective of the NBP is that both in 2022 and in 2023 inflation will remain within the limits of the NBP's inflation target, which stands at 2.5 percent with 1 percentage point deviation,” Mr Glapiński stated.

“Unfortunately, this optimistic projection of GDP growth is burdened with high uncertainty related to the further development of the COVID-19 pandemic and its impact on the economic situation,” the NBP head pointed out, adding that one of the premises indicating rapid GDP growth may be the New Polish Deal.

Mr Glapiński went on to say that although the impact of successive waves of the pandemic on the economy is getting weaker, it is difficult to say what it will be like in the future. Therefore, in his opinion, it would not be wise to raise interest rates before the situation clears up.

"Our future decisions will depend on incoming data and forecasts. I would not like to speculate today because the uncertainty is high,” he said.