Even (relatively) high-flying Poland has to play by the fiscal rules, it turns out. The country must carry out a “consolidation” of public finances in order to maintain its A- rating long-term, Fitch Ratings has warned.
The agency said that the general government deficit will increase to 7.9 percent of GDP in 2010, as compared to 7.2 percent in 2009.Fitch points out this is up from 2007, when the deficit was mere 1.9 percent GDP.
Poland’s own plans are to bring down the deficit to 2.9 percent in 2013, one year later than it had originally planned. But according to Fitch, the plans could be hindered by parliamentary elections in the fall of 2011.