The COVID-19 pandemic will cause Poland's economy to contract by 3.4% in 2020, with sizable policy stimulus and related spending pressure weighing on public finances. However, a strong economic recovery from 2021 supported by ample EU funding, and fiscal consolidation efforts should keep net general government debt just below 60% of GDP. We are affirming our 'A-/A-2' ratings on Poland and maintaining a stable outlook. On Oct. 2, 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 reflects the balance between macroeconomic risks stemming from COVID-19 and the buffers provided by the country's strong external and government balance sheets. The ratings
