Poland submitted its recovery and resilience plan to the European Commission over the past week and, while the plan to boost long-term growth looks ambitious, it should make a major contribution towards further income convergence with the EU this decade. Meanwhile, MPC meetings in Poland and Czechia this week were more hawkish than expected and interest rate hikes may now come sooner than we currently anticipate. Finally in Turkey, a collapse in exports to Saudi Arabia has added to the headwinds facing the recovery but the good news for exporters is that officials appear to be making a concerted effort to repair relations with the Kingdom.
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