The Polish economy is back on track for recovery after a very weak first half in 2013, when year-on-year growth dropped to below one per cent.
In its latest Regional Economic Prospects report, published today, the EBRD expects growth in Poland of 1.2 per cent in 2013, but raises its forecast for the country to 2.3 per cent in 2014 - up 0.3 percentage points from its previous forecast in May.
The improvement in Poland has been supported by the gradual pickup in the eurozone. In addition, retail sales have been growing and will be helped by rising real wages. Industrial production grew by 5 per cent in the third quarter and forward-looking indicators point towards a further expansion.
Poland is set to outperform the Central Europe and Baltics region which is expected to grow at 0.9 per cent this year before modestly recovering to 1.9 per cent in 2014. Poland was the only country in the European Union that did not fall into recession during the global economic crisis.