Republic of Poland: 2025 Article IV Consultation-Press Release; and Staff Report

International Monetary Fund

No 2026/025, IMF Staff Country Reports from International Monetary Fund

Abstract: For Poland, Russia’s war in Ukraine represented a major downward shock to output and upward shock to inflation. However, the strong real wage growth and fiscal stimulus of recent years have driven a nearly full closing of the output gap. In addition, inflation has returned to target due to both appropriately tight monetary policy and a subsiding of external supply shocks. The main vulnerability that emerged from recent years is an increase in the fiscal deficit to a projected 7 percent of GDP in 2025. This has raised public debt to 59 percent of GDP, a 10 percentage point increase in two years.

Keywords: fund relation; exchange arrangement; fund of restriction; currency of Poland; General resource; Inflation; Credit; Government debt management; Europe; Global; Central and Eastern Europe; Eastern Europe (search for similar items in EconPapers)
Pages: 63
Date: 2026-02-03
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