IMF review schedule now delayed as government's commitment to reform is called into question. Key areas of focus are central bank independence, anti-corruption framework, corporate governance and 2021 budget. Not clear when review will be completed,...

The rebound in Polish retail sales, which started in the second quarter, is slowing down. September was the first month since April when the share of online sales increased (to 6.8% compared to 6.1% in August). The highest monthly growth was recorded...

Industrial production in September increased by 5.9% year-on-year vs. 1.5% YoY in August. Manufacturing, the most export-oriented section of the Polish economy, accelerated strongly, to 7.2% YoY in September from 2.0% YoY in August, and the accelerat...

The weakness in retail and production patterns, which disappointed in August, intensified in September. Retail trade shrunk 3.0% y/y; manufacturing output started to contract again in September. Monetary or fiscal support unlikely to come in 4Q20.

The pandemic is exacting a heavy toll on Europe. A large share of the fiscal packages was used for job retention programs and liquidity support for firms. Policymakers need to do whatever it takes to contain the pandemic and its economic damage, and...

UK inflation rebounded in September, continuing what has been a fairly volatile few months in the wake of the pandemic. But economic policy aside, there is still a question of whether this crisis is likely to prove inflationary or not. In some very s...