This report does not constitute a rating action. Overview Institutional and economic profile Flexibility and performance profile Resilient economy despite external challenges. Debt is rising as deficits are set to remain wide. --Domestic demand will underpin average growth of 3% in 2025 and 2026, while trade-related uncertainty and the weak German economy pose a drag. --We project general government deficits to average 5% of GDP in 2025-2028. As they narrow only gradually, net general government debt is set to increase materially to about 60% by 2028 from 48% in 2024. --Following the presidential elections in May-June, policy direction could become clearer, but polarization could continue to impede effective policymaking. --External demand remains subdued, turning Poland?s current account to a deficit
