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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adequacy adverse Article IV consultation Assessment assets authorities average balance of payments Bank of Poland banking sector banking system baseline capital comparative advantage corporate bonds credit growth current account Czech Debt Sustainability decline deleveraging Developments economy euro area exchange rate financial sector financing needs fiscal consolidation ﬂexibility foreign currency mortgages GDP deflator German import growth households IMF staff estimates improve increase inﬂation International Investment Position International Monetary Fund investors labor market lending liabilities liquidity long-term medium medium-term Mission Mission Mission MoF MoF MoF NBP monetary policy mortgage portfolios NBP’s non-performing loans NPLs OECD pension percent in 2011 percent of GDP Poland’s exports policy rate Polish banks projected public debt public investment ratio real GDP growth recent reﬂecting remain risks share shock short-term Sources statistics structural reforms supervisory swap Swiss franc Systemic Risk Tier 1 capital tightening trade transmission mechanism zloty depreciation