Euro-Zone Crisis Weighs on Poland’s Growth
The Polish economy likely slowed in the second quarter to about 3% annually from 3.5% in the first three months of the year, and faces a slowdown next year amid the euro’s crisis, Polish officials said Wednesday.
The Polish economy is internally balanced, which is the main reason for its resilience in the face of the euro zone’s debt crisis, although “it’s hard to be unconditionally optimistic,” said Marek Belka, governor of the National Bank of Poland, who cited the 3% growth figure for the first quarter. Official statistics for the quarter will be released on Aug. 30.
The Polish economy grew 4.3% in 2011. Mr. Belka said relatively low debt levels of Polish businesses and households are among of the factors contributing to growth but the euro-zone banking and debt crisis will eventually take a toll. If the euro plunges into a severe recession, Poland won’t avoid a slowdown next year, said Poland’s Finance Minister Jan Vincent-Rostowski.