This year will be exceptionally difficult for Poland's economy but GDP will still grow, according to a report by Ernst & Young and Oxford Economics. The unemployment rate is expected to remain at high levels for the next two years.

Poland's economic growth will depend largely on exports and on the situation of the country's main trading partner, Germany. If consumption increases in Germany, Poland's economy will also improve, Marek Rozkrut, chief economist at Ernst & Young, said.

Ernst & Young and Oxford Economics experts also stressed the importance of the Polish banking sector for the economy. Unlike banks in other countries of the region, Polish lenders were not as affected by non-performing loans.

Poland's unemployment rate was 14.2 percent in January this year, according to Poland's statistical office. The labor ministry forecasts that for February the figure will come in at 14.4 percent. The official February figures will be released later today.

Poland A.M.