WARSAW, March 8 (Xinhua) -- Poland's gross domestic product (GDP) may increase by 4.1 percent in 2021, according to a report published by the National Bank of Poland (NBP) on Monday.
The NBP expects the Polish economy to return to growth in the second quarter of 2021 following a rebound in consumer demand. This will be augmented by the gradual lifting of lockdown restrictions and greater public confidence owing to COVID-19 vaccinations.
"The growth in consumer and investment demand will be supported by the assumption made in the forecast that the NBP interest rates will be kept at the current record low level," states the report.
The NBP said, however, that continued uncertainty surrounding the pandemic this year will remain a factor hampering the recovery of corporate investment, which will increase significantly only in 2022-2023.
The report noted that the pandemic, which resulted in the introduction of lockdown measures and a reduction in economic activity, negatively affected the labor market in 2020.
Poland has already inoculated over 3.9 million people with at least the first dose of a coronavirus vaccine. Of them, 1.4 million have received two jabs. The Polish government is seeking to secure larger supplies of vaccines in order to accelerate the vaccination campaign, which is crucial for the reopening of the economy.
As the world is struggling to contain the pandemic, vaccination is underway in an increasing number of countries with the already-authorized coronavirus vaccines.
Meanwhile, 261 candidate vaccines are still being developed worldwide -- 79 of them in clinical trials -- in countries including Germany, China, Russia, Britain, and the United States, according to information released by the World Health Organization on March 5. Enditem