Ukraine could be firmly back on its legs within a few years with a reasonable support of the West, despite all its current problems. But this requires a change of the mindset of the ruling class – a challenge far greater than obtaining the funds.
Central Europe in general and Poland in particular have had an astonishing quarter century as their economies have dramatically closed the gap with the wealthier western half of the continent – but the catch-up risks stalling unless a further round of reforms is undertaken, warned the IMF’s deputy head during a Warsaw conference.
According to the latest NBP inflation report, economic growth will gradually accelerate without the risk of rising prices. This will allow interest rates to remain stable. The Ukrainian crisis will not impact negatively on the Polish economy, but invites thinking about a more solid anchoring in Europe – says Marek Belka, Governor of the Poland's central bank Narodowy Bank Polski.
Four new countries, among them Poland, will be audited as part of the IMF’s Financial Sector Assessment Program (FSAP). The program assesses financial systems in countries where a crisis would have a significant impact on the global economy, either due to the size of that country’s economy or its interconnectedness with others. We’ll be more important, but also subject to more frequent assessment.