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 by the implementation of a fiscal stimulus package. However, because general government debt under the national definition exceeded the first legal threshold of 50% of GDP since 2010, the authorities now have less fiscal flexibility than in the past. Our baseline forecast is for economic growth
