Coface reports on Poland's economic outlook for 2005
A favourable economic context with company solvency strengthened Growth accelerated in 2004, buoyed by domestic demand and exports amid an improved company financial situation. That trend prompted Coface to upgrade the average Polish-company rating to A3 last September. The pace of economic activity should sag this year, however, due notably to the exchange rate appreciation and European demand slowdown. Improving public finances and limiting the growth of public sector debt still constitute major challenges in integrating Poland into the euro zone. However, buoyant foreign trade has made it possible to contain the current account deficit. Debt servicing has nonetheless been inflating financing needs with, at best, one-third covered by foreign direct investment. The country has thus remained dependent on financial markets.
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