The ratings on Poland reflect its competitive and relatively diversified economy, resilience to the international economic and financial crisis, and sound medium- to long-term growth prospects. The ratings remain constrained by high and rising levels of government debt, comparatively low per capita GDP, and the still large role of the public sector in the economy. Standard&Poor's Ratings Services expects weak external demand and a slowdown in credit growth to reduce economic growth in Poland to about 1% in 2009. This would make Poland the only EU member to avoid economic contraction. The relative resilience of consumption, Poland's international competitiveness, flexible exchange rate, and expansionary fiscal policy are key factors behind the country's relative resilience to the crisis, in
