Republic of Poland: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Alternate Executive Director for the Republic of Poland

IMF Staff Country Reports, February 6, 2019

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Republic of Poland: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Alternate Executive Director for the Republic of Poland

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Bibliographic details

• Published: February 6, 2019
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9781484397503.002

Growth drivers and outlook

• Strong growth upswing since 2017 supported by three coincident cycles:
  • a rebound in euro-area activity
  • a substantial increase in European Union transfers
  • new large social benefit programs
• Risks to the outlook are elevated from external developments.
• Any slippage from prudent policies and sound governance principles could dent investors’ risk appetite.

Fiscal adjustment and medium-term framework

• Substantial adjustment in recent years has brought the medium-term objective within reach.
• Remaining adjustment should rely on sustainable, growth-friendly measures.

Financial sector oversight

• Recommendation: independent and well-resourced financial supervision is essential for effective and even-handed oversight.
• Special emphasis: this is particularly important in a state-dominated financial system.

Productivity, investment, and labor challenges

• Sustaining rapid income convergence as working-age population declines calls for durable increases in investment and productivity.
• Reforms should focus on:
  • removing existing barriers to investment
  • facilitating more reliable access to skilled labor
  • enhancing predictability of policy changes
  • providing a level playing field for all investors by protecting the rights of minority shareholders and ensuring competition

Subject coverage and keywords (as listed)

• Subjects: Banking, Economic and financial statistics, Fiscal policy, Government finance statistics, Income, Inflation, Labor, Labor markets, National accounts, Prices
• Keywords: authority, Central and Eastern Europe, core inflation, cost, CR, financial asset, freeze, GDP, Global, Government finance statistics, headline inflation, Income, Inflation, ISCR, Labor markets, liability positions vis-à-vis nonresident, monetary policy, NBP in cooperation, NBP inflation target

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