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


International Monetary Fund. European Dept.

Publication Date:

February 6, 2019

Electronic Access:

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These 2018 Article IV Consultation discussions with the Republic of Poland focused on the strong growth upswing since 2017, which was supported by three coincident cycles: a rebound in euro area activity, a substantial increase in EU transfers, and new large social benefit programs. The report highlights elevated risks to the outlook for the Polish economy from external developments; slippage from prudent policies and sound governance principles could dent investors’ risk appetite. Substantial adjustment in recent years has brought the medium-term objective within reach. Remaining adjustment should rely on sustainable, growth-friendly measures. The team recommended independent and well-resourced financial supervision, which is essential for effective and evenhanded oversight, particularly in a state-dominated financial system. Sustaining rapid income convergence as the 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 the predictability of policy changes, and providing a level playing field for all investors by protecting the rights of minority shareholders and ensuring competition.


Country Report No. 19/37



Publication Date:

February 6, 2019



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