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Europe and world organisations torn over Poland

Europe and world organisations torn over Poland article image

The World Bank believes it will avoid recession, the International Monetary Fund (IMF) says it will enter a mild recession and the European Commission predicts something a bit more severe. But will Poland, Europe's gem of growth, perform to anyone's prediction? According to the World Bank, Poland will grow 0.5 percent this year and 0.9 percent in 2010 while the IMF says it will contract by about 0.5 percent this year and growth of one percent next year. "We predict a mild recession in 2009 and a modest recovery next year," said head of the region's IMF operations Alexander Hoffmaister. Hoffmaister noted that recovery would depend on how the rest of the continent fared: "The critical thing, in particular in 2010, will be how events in Europe hold up." The European Commission's prediction is that Poland would shrink by 1.4 percent this year, while the Polish government has forecast a slim 0.2 percent growth. Comparatively, Poland has been relatively unscathed by the region's downturn, although its deficit hit 3.9 percent of gross domestic product in 2008, which breached the three percent upper barrier required by the EU's Maastricht Treaty.

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