Adverse effects of the coronavirus pandemic will push the Polish economy into recession in 2020 and weigh on public finances. However, the country's ample policy space, including high monetary flexibility amid strong external and public balance sheets will help mitigate this shock. We expect a strong recovery in 2021 with a corresponding improvement in the government's fiscal position. We are affirming our 'A-/A-2' ratings on Poland with a stable outlook. On April 10, 2020, S&P Global Ratings affirmed its 'A-/A-2' foreign currency and 'A/A-1' local currency long- and short-term sovereign credit ratings on Poland. The outlook is stable The stable outlook balances macroeconomic risks stemming from the outbreak of coronavirus against the country's strong external and government balance sheet. The
