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Multi-Year Financial Plan Signals Conservative Approach, Poland Observes Public Holiday

POLAND
  • The government unveiled its Multi-Year Financial Plan for 2024-2027. The document did not mention the campaign pledge to raise annual tax-free allowance to PLN60k, despite Finance Minister Domanski's assurance that works on the measure are ongoing. On the other hand, the document suggested that the government would draft a fiscal consolidation plan that will prevent debt/GDP ratio from exceeding 60% and present it this autumn. Macroeconomic forecasts included in the Plan were based on the assumption that structural deficit would be reduced by 0.5% of GDP per year on average. The document also suggested that earlier anti-inflation measures will be gradually phased out, while spending on social security (as a share of GDP) will remain stable from this year onwards.
  • President Andrzej Duda said in a special address to the nation that Poland's "presence in the European Union is our raison d'etat but we are in favour of a Europe of free nations - a Europe of fatherlands."
  • Poland observes public holidays today and on Friday, with many market participants likely to be off in between. This should sap PLN liquidity through the remainder of the week.
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