Polish Economy set for 3.3% growth in 2021

The Polish economy is expected to grow by 3.3 percent in 2021, as a recovery in trade in the euro area, combined with improved confidence and a rebound in private consumption and investment partly offset the negative impacts of the resurgence of the pandemic late in 2020 and a recent flareup in new cases, says the latest edition of the World Bank’s Economic Update for Europe and Central Asia, released this week.

The projected rebound in 2021 is weaker than previously anticipated (3.5 percent), reflecting uncertainty surrounding the emergence of new strains of COVID-19 and the uneven pace of vaccination in Europe.

The World Bank expects that following the moderate recovery this year, growth will accelerate to 4.2 percent in 2022. The 2022 projection is faster than previously envisioned (3.4 percent), owing in part to a robust rebound in domestic demand, particularly in investment.

In a special analysis on ‘Data, Digitalization, and Governance in Europe and Central Asia’, the report examines the potential role of data and digitalization in improving governance in the region.

“To effectively address the challenges brought on by COVID-19, improving governance has assumed an even greater importance in the region,” said Asli Demirgüç-Kunt, World Bank Chief Economist for Europe and Central Asia. “Digital technology and the data revolution offer the potential to increase efficiency, transparency, responsiveness, and citizen trust, all of which directly improve the quality of government.”

Data lay the ground for improved decision making, optimized government functioning, and more effective resource allocation, while digitalization strengthens these processes and enables greater efficiency and transparency.

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