Fitch, one of the world’s "Big Three" credit rating agencies, cited Poland's "diversified economy with a record of stable growth in recent years," coupled with "a sound macroeconomic and monetary policy framework."
The agency said these were balanced against "lower GDP per capita and high, albeit declining, net external debt compared with the 'A' category peers."
Fitch said that, despite various restrictions on mobility and economic activity resulting from the coronavirus pandemic, Poland's economy shrank only modestly in 2020, due to strong growth in government consumption and contribution from net exports.
The agency added it expected Poland's GDP to expand 4.1 percent next year and grow 4.7 percent in 2022.
Poland’s Finance Minister Tadeusz Kościński has welcomed the rating action by Fitch, saying it confirmed that “the Polish government is pursuing a responsible economic policy” and that “its anti-crisis measures are producing results” amid the coronavirus pandemic.
The Polish economy contracted by 2.8 percent in 2020 as a whole, according to a late-January estimate by the country’s Central Statistical Office (GUS).
(gs/pk)
Source: PAP, fitchratings.com, money.pl