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PFR CEO Borys Turns More 'Hawkish' As Overheating Risks Are Rising

POLAND
  • Polish State Development Fund President (PFR) Pawel Borys mentioned in a conference today that some 80% to 90% of the Polish economy has exited the economic crisis and that GDP growth likely to top 5% in the next 2 to 3 years.
  • The rebound, which he estimates may be the fastest one since WWI, is likely to generate overheating risks in the short to medium term.
  • After mentioning that a rate hike may be needed in late 2021 / early 2022 in an interview on TOK FM radio earlier this week, it seems that the tone has changed drastically in today's speech as Borys says that NBP should start to normalize monetary policy (which implies a rate hike in the coming meetings).
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