At the same time, the EBRD has maintained its forecast for Poland's 4-per cent GDP growth this year. 

According to the report, the downside risks related to geopolitical uncertainty and the humanitarian crisis caused by Russia's war on Ukraine, further commodity and energy price hikes and trade disruptions are likely to influence Polish GDP.

Nevertheless, the bank noted, that domestic demand will be supported by the influx of more than two million refugees from Ukraine. 

The EBRD also said that although the structural challenges, posed by this influx are considerable, especially in housing, healthcare and education, refugees can help fill labour shortages. (PAP)