Poland’s government increased its forecast for economic growth this year to 3 percent from 1.2 percent and said public debt won’t exceed the threshold that would force spending cuts or higher taxes. The European Union gave Poland until 2012 bring the budget gap within the 3 percent of GDP limit for adopting the euro. The shortfall swelled last year as slowing growth curbed tax revenue and the government stepped up spending to avoid a recession. The Finance Ministry said yesterday it planned to send the document to Brussels that evening.
Public debt will peak at 56.3 percent of GDP in 2011 according to EU accounting rules, the plan said. By local standards, it won’t exceed 55 percent, the level at which Polish law requires the government to reduce borrowing.
Read more:http://www.businessweek.com/news/2010-02-09/poland-raises-growth-forecast-says-debt-will-stay-below-limit.html
Posts
