Economic growth in Poland could surpass 3% in 2024, according to the head of the Polish development fund PFR Pawel Borys.

“I believe that Poland's economic growth in 2024 will surprise positively and could be significantly above 3%,” Borys wrote on social media platform X.

“A soft-landing scenario is being unfolded thanks to the right policy mix, i.e. monetary tightening combined with a counter-cyclical fiscal policy, with a deficit of around 5% of GDP in the year of downturn,” he went on to say.

“The Polish economy is shifting to a higher gear, with the economic growth at 0.4% (year on year - PAP) in Q3,” Borys continued.

Poland’s annual GDP growth in the coming quarters should be over 2% already, according to the government agency chief, The First News reports.

“We have good growth drivers amid continued disinflation in the form of investments growing at a trajectory of over 5% and net exports combined with a current account surplus of €0.4 billion in September,” Borys stated.

Even though the inventory cycle is still weighing on Poland’s economy, along with weak consumption and uncertain external demand, real wage growth indicates consumption is forecast to rebound, he added.

A flash estimate by Poland's statistics office GUS shows the country’s GDP in Q3 this year grew 0.4% year-on-year, compared to a 0.6% year-on-year fall in Q2.

However, economists polled by PAP Biznes had forecast GDP growth between July and September of 0.3% year-on-year.

Whereas on a quarter-on-quarter basis, Poland’s GDP grew by 1.4% in Q3.