Internationally competitive export sector. Flexible monetary policy, with the floating exchange rate enabling the economy to quickly adjust to external shocks. Commitment to sustained fiscal deficit reduction. Relatively high general government debt burden. Comparatively low per capita GDP of $13,500 in 2011. High external financing needs. The ratings on Poland are supported by Standard&Poor's Ratings Services' view of its commitment to continued fiscal consolidation and its monetary flexibility, with its floating exchange rate enabling Poland's resilient economy to adjust to external shocks. The ratings are constrained by our view of Poland's relatively high levels of government debt, comparatively low per capita GDP, and large external financing needs. Poland's broad-based economy avoided a technical economic contraction in 2009, helped
