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The Warsaw Voice » Business » October 27, 2011
Business & Economy
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Poland Must Consolidate Public Finances: Rating Agencies
October 27, 2011   
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The incoming Polish government needs to reassess the country’s fiscal consolidation plan in the light of slower growth if Poland wants to remain on target to meet the criteria for euro adoption, according to the Fitch Ratings agency.

Donald Tusk’s administration has pledged to narrow the general government deficit to 2.9 percent of gross domestic product next year, from 7.9 percent at the end of 2010, counting on 4 percent economic growth to boost revenue. Fitch Ratings predicts that the actual GDP growth rate may be 3.3 percent at the most. Slowing economic growth and the euro region’s debt crisis may derail the plan unless the government takes more drastic measures, the agency said.

In the spring, Fitch Ratings warned that failure to take action to reduce debt could endanger Poland’s credit rating of A-.

Standard & Poor’s Ratings Services, in turn, said that the outcome of Poland’s general election has no immediate effect on its sovereign rating (A-/stable/A-2). “The complexion of the new government is not, in itself, a rating factor for Standard & Poor’s. Our focus is on whether the new government will introduce additional measures aimed at consolidating public finances, beyond those presently outlined, owing to the need to stay within the state’s self-imposed debt limits,” the agency said in a release.
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