This Selected Issues paper focuses on balancing decarbonization with energy security in Poland. The paper describes the evolution and challenges related to the energy security situation and greenhouse gas (GHG) emissions in Poland over the last decades in the context of EU climate agenda. It...

This 2023 Article IV Consultation analyses that the Polish economy has slowed significantly amid still-high inflation. The Polish economy in 2022 faced energy and food price shocks, which exacerbated inflationary pressures and slowed economic growth. With Russia's war in Ukraine, the authorities...

The economy is steadily recovering from a substantial slowdown in 2012–13, helped by improving conditions in main trading partners and a rebound in job creation and household consumption. Financial markets and the zloty have stayed relatively stable amidst renewed global financial market...

This Selected Issues paper considers the case of Poland to analyze global financial spillovers to emerging market (EM) sovereign bond markets. Foreign holdings of Polish government bonds have increased substantially over the last decade. Although foreign participation in local-currency sovereign...

KEY ISSUES Background: After its resilience during the global financial crisis, the Polish economy slowed substantially in 2012–13 as headwinds from the euro area and waning confidence added to the drag from fiscal consolidation. But economic activity is starting to recover, helped by strong...

This Selected Issues paper highlights impact of high-energy prices on Germany's potential output. The surge in energy prices since Russia's invasion of Ukraine has led to a contraction in the energy-intensive sector's production, while the nonenergy intensive sector's industrial production has...

This 2023 Article IV Consultation discusses that the German economy has demonstrated resilience following the shut-off of Russian gas supply in the year 2022. The energy shock and tightening financial conditions are expected to keep annual gross domestic product (GDP) growth slightly negative in...

KEY ISSUES Context: ? Germany fundamentals are sound: balance sheets are generally healthy, unemployment is at a historic low, and the fiscal position is strong. ? While a recovery is underway, medium-term growth prospects are subdued and the current account surplus remains high. The economy...

This Selected Issues paper on Germany focuses on current economic condition in the country. The build-up of Germany's current account surplus over the last decade does not lend itself to a single-factor explanation, as both global and domestic factors, as well as policy changes led to increased...

This Technical Assistance Report on Montenegro highlights Public Investment Management Assessment. Due to the importance of the tourism sector, the pandemic has had a deep economic impact. In addition, as government debt already exceeds one hundred percent of gross domestic product, fiscal space...