Independent Strategy

Poland – PiS won’t extinguish growth

Sentiment towards Poland has been tarnished by the more populist mutterings of the PiS government. But Poland remains a highly competitive economy. Productivity growth may have dipped but remains well above EU-15 levels. That will continue to drive convergence in living standards and GDP growth overall. The zloty looks cheap. Local bonds offer a decent yield pick up on an unhedged (which we would be) basis, even after factoring in ratings risk. Equities have performed badly, and are likely to continue to lag until the foreign currency mortgage conversion issue is settled. But Ex-financials they already look attractive.

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