WOOD Flash – Poland macro: heated election campaign adds to inflation challenges
The 2023 draft budget projects a trebling of the state budget shortfall, taking the overall general government deficit probably close to 4.5% of the GDP. Budget execution has been prudent overall, favouring fiscal support to mitigate the external shocks since COVID-19, and it has been effective in keeping the economy strong. However, in light of the increasingly tight 2023 elections, fiscal and monetary policy appear increasingly short-term driven, to the detriment of the inflation outlook. According to the latest opinion polls, ruling party PIS remains the most supported party, but is likely to fail to secure a majority coalition.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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