{
  "title": "Republic of Poland: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Alternate Executive Director for the Republic of Poland",
  "publication": "IMF Staff Country Reports, February 6, 2019",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2019/02/05/republic-of-poland-2018-article-iv-consultation-press-release-staff-report-and-statement-by-46576",
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  "summary": "This 2018 Article IV Consultation discussions with the Republic of Poland focused on the strong growth upswing since 2017, which has been supported by three coincident cycles: a rebound in euro-area activity, a substantial increase in European Union transfers, and new large social benefit programs.",
  "sections": [
    {
      "heading": "Growth drivers and outlook",
      "content": "- Strong growth upswing since 2017 supported by three coincident cycles:\n  - a rebound in euro-area activity\n  - a substantial increase in European Union transfers\n  - new large social benefit programs\n- Risks to the outlook are elevated from external developments.\n- Any slippage from prudent policies and sound governance principles could dent investors’ risk appetite."
    },
    {
      "heading": "Fiscal adjustment and medium-term framework",
      "content": "- Substantial adjustment in recent years has brought the medium-term objective within reach.\n- Remaining adjustment should rely on sustainable, growth-friendly measures."
    },
    {
      "heading": "Financial sector oversight",
      "content": "- Recommendation: independent and well-resourced financial supervision is essential for effective and even-handed oversight.\n- Special emphasis: this is particularly important in a state-dominated financial system."
    },
    {
      "heading": "Productivity, investment, and labor challenges",
      "content": "- Sustaining rapid income convergence as working-age population declines calls for durable increases in investment and productivity.\n- Reforms should focus on:\n  - removing existing barriers to investment\n  - facilitating more reliable access to skilled labor\n  - enhancing predictability of policy changes\n  - providing a level playing field for all investors by protecting the rights of minority shareholders and ensuring competition"
    },
    {
      "heading": "Subject coverage and keywords (as listed)",
      "content": "- Subjects: Banking, Economic and financial statistics, Fiscal policy, Government finance statistics, Income, Inflation, Labor, Labor markets, National accounts, Prices\n- 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\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
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    "Published: February 6, 2019",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484397503.002",
    "Strong growth upswing since 2017 supported by three coincident cycles:",
    "Risks to the outlook are elevated from external developments.",
    "Any 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.",
    "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.",
    "Sustaining rapid income convergence as working-age population declines calls for durable increases in investment and productivity.",
    "Reforms should focus on:",
    "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",
    "**Country Report**"
  ],
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