Republic of Poland: Staff Report for the 2012 Article IV Consultation
International Monetary Fund, Jul 5, 2012 - Business & Economics - 70 pages
This 2012 Article IV Consultation discusses that the economy of Poland fared well throughout the crisis. The growth was robust and well balanced in 2011. The banking sector remained profitable and well capitalized. Declining provisioning boosted profitability and the average capital adequacy ratio remained high at about 13 percent. Executive Directors have commended the authorities for sound macroeconomic management, which has underpinned the good performance of the Polish economy in a challenging environment. Directors have broadly supported the ongoing fiscal adjustment, which is necessary to rebuild fiscal buffers.
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account balance adverse assets authorities Baseline capital comparative advantage contribution corporate bonds current account Czech Rep decline demand deterioration dollars domestic economy euro area exchange rate external debt financial sector financing needs fiscal consolidation fiscal deficit foreign currency mortgages framework GDP deflator German import growth Gross growth rate households IMF staff calculations IMF staff estimates increase inflation inflows INTERNATIONAL MONETARY FUND labor lending liabilities liquidity macro-prudential measures medium monetary policy mortgage portfolios NBP's nominal interest rate non-performing loans NPLs pension percent in 2011 percent of GDP percent of rights Percent oftotal percentage points Poland's export policy interest rates policy rate Polish primary balance Privatization receipts projections public debt public investment public sector real GDP growth real interest rate recent reduce revealed comparative advantage Scenario share Sources spillovers strengthen supervisory Systemic Risk tech trade transmission mechanism YoY percent changes zloty depreciation