S&P upgrades Poland's 2020 GDP growth forecast

The Polish economy is expected to shrink by 3.4 percent in 2020 against a previous 4.0 percent decline, global ratings agency Standard & Poor's said in its revised forecast. Quick implementation of fiscal and monetary support in the first half of the year proved effective in preventing a larger drop in GDP, said a report dated September 29. "Poland will be one of the main beneficiaries of the EU Recovery Fund, which will support investment and growth creation starting in mid-2021," the agency also said. The Polish economy should rebound by 4.5 percent in 2021, according to the report.