Poland’s central bank’s June inflation figures announced this morning show economic growth may accelerate to 3.2% this year and should increase further in 2011 to 4.6% mainly fuelled to increased public investment ahead of the 2012 European football championships that Poland co-hosts with the Ukraine. This will be good for local Polish workers and a seasonal drop in unemployment occurred last month.
Along with predictions from other central banks it predicts a drop off in consumption with growth slowing. The economic recovery is likely to increased inflation. Inflation is seen easing to 2.5% in 2010 in line with the central bank’s target and then accelerating to 2.7% in 2011 and to 2.9% 2012.
The zloty, which has lost more than 5% against the euro since the beginning of May, and even more against the resurgent £ may be “relatively stable” until the end of 2012, as factors playing towards its appreciation and its depreciation will be balanced, claimed the central bank.
Skilled Polish workers will still be looking to work abroad and The UK’s popularity will have increased as Polish workers have effectively had a pay rise of @10% in 2010 thanks to currency
Author: Chris Slay
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