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Capital Markets

Best borrowers 2012: Poland emerges as European favourite

Emerging market investors’ preferred sovereign borrower is now taking on its richer EU neighbours in the competition for funding. Anna Suszynska, deputy director of the public debt department in Poland, tells Euromoney about its issuance strategy.

Anna Suszynska, deputy director of the public debt department in Poland
Anna Suszynska, deputy director of the public debt department in Poland

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How did Poland fare so well after the crisis in 2008?




Anna Suszynska, deputy director of the public debt department in Poland

Luckily for us, we introduced certain fiscal policies at just the right moment. In 2008, we lowered income tax. This came at a huge cost to the government and our budget revenue dropped. But after the crisis hit, people in Poland had more cash in hand to spend in the domestic market. The tax cuts supported private consumption and growth during what should have been a stressful time for the economy.

Government spending for public investment increased between 2009 and 2011, which supported total investment into Poland. Once the crisis hit in 2008, private investment into Poland decreased, and government spending for public investments had to increase to take its place and to keep GDP growth at a relatively high level.


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