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First blow of global turmoil seen behind Poland

  The first blow of global financial turmoil is already behind Poland, but there are no guaranties it will be the last one, Finance Minister Jacek Rostowski told public radio on Friday.

 

Rostowski reiterated the ministry may cut the growth forecast for next year, but has to wait for more reliable estimates to do so. “I think the first blow is behind us, but we cannot rule out further ones,” Rostowski said. “We have to do it (revise forecasts) when we will have a reliable forecast of what will happen next year.” Rostowski added the growth forecast could be revised in December at the earliest.

The ministry forecasts Central Europe’s largest economy will expand by 4.8% next year, while the market scaled down its earlier forecasts to 3.9% due to the global financial crisis and threat of a global slowdown. The Polish economy grew by 5.8% in the second quarter, down from 6.0% in the first. (Reuters)