Statement by the Hon. Andrzej Domański - Governor for the Republic of Poland - World Bank Governor's Statement No. 4 - October 17, 2025

Jul 19, 2026

World Bank Governor's Statement No. 4 by Andrzej Domański for the Republic of Poland thanks the organizers of the 2025 Annual Meetings and highlights the dedication of the IMF and World Bank Group leadership and staff. It reviews global economic challenges tied to Middle East conflict, the Ukraine war, tariffs, climate shocks, inequality, debt vulnerabilities and tighter financial conditions. It emphasizes the need for effective, resilient multilateral institutions and continued IMF and World Bank roles, including policy confidence, macro stability and inclusive growth. The statement also outlines Poland’s resilience and priorities, including defence spending and fiscal sustainability.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages5

Reading Time13 min

Opening Remarks

Global Economy, Challenges and Way Forward

Outlook, Risks, and Policy Needs

Polish Economy

Role of the IMF and World Bank Group

Priorities for Resilience

Public Disclosure Authorized Public Disclosure Authorized World Bank Governor's Statement No. 4 October 17, 2025 Statement by the Hon. ANDRZEJ DOMAŃSKI, Governor of the IBRD for THE REPUBLIC OF POLAND Statement by the Hon. Andrzej Domański, Governor of the IBRD for the Republic of Poland Firstly, we would like to extend our thanks to all involved in the organisation of the 2025 Annual Meetings. We would also like to acknowledge the dedication of the International Monetary Fund (IMF) and the World Bank Group’s (WBG) Management and Staff, as well as Executive Directors and their teams, who have worked tirelessly for the benefit of the international community in recent, quite challenging years. We look forward to continuing our fruitful cooperation towards a more prosperous, sustainable and inclusive world for all. Global Economy, Challenges and Way Forward The Annual Meetings provide an opportunity to take stock of important economic and institutional developments and to reflect on the role of the Bretton Woods institutions amidan increasingly volatile geopolitical landscape. The global economy continues to experience challenges arising from the conflict in the Middle East and the consequences of Russia’s illegal invasion of Ukraine, which we strongly condemn. Furthermore, the imposition of tariffs and counter-tariffs has made the future shape of the international trade regime more unpredictable. The development gains achieved by many emerging economies — largely resulting from efforts to integrate regionally and into the global system—are at risk. As we gather at a time of elevating global complexity, these are not the only challenges we must address. The global economy is also grappling with climate-related shocks, rising inequalities, debt vulnerabilities and tightening financial conditions. These challenges pose significant difficulties for developing regions. Substantial cuts to official development assistance further exacerbate these risks, making it harder for many countries to achieve their Sustainable Development Goals. In addition, a shifting multilateral landscape and heightened geopolitical uncertainty are putting pressure on international collaboration. In this context, effective and resilient multilateral institutions, such as those of the Bretton Woods system , are more vital than ever. Against this backdrop, Poland recognises the value of the rules-based multilateral system as well as the crucial roles of the IMF and the World Bank Group in helping their members to navigate the global economic transformation, preserve macroeconomic and financial stability, and promote inclusive economic growth. The global economy is currently in a slightly better position than it was in previous years, when concerns about elevated inflation, higher-for-longer policy rates and fragile economic recovery were on top of the agenda of policymakers. Since then, inflationary pressures have moderated considerably, largely due to decisive monetary policy responses from central banks around the world. Looking ahead, there is high uncertainty about the global economic outlook, with risks tilted to the downside. Medium-term growth prospects remain subdued, while public debt is on the upward trajectory. This weighs on confidence and forward-looking decisions, including investment. Furthermore, elevated financial and fiscal vulnerabilities could exacerbate the consequences of a deteriorating outlook. In this regard, risks to macroeconomic and financial stability are becoming increasingly correlated. In light of this, strong institutions - including independent central banks- remain essential for fostering policy confidence and trust. Moreover, credible and growth-friendly fiscal policies are urgently needed to accommodate priority spending, such as defence spending in the case of the EU, while reducing debt and rebuilding buffers going forward. In times of high debt, relatively high interest rates and low growth, many c

FAQs

What main issues does the statement raise about the global economy in 2025?

It highlights conflicts and spillovers affecting the Middle East and Ukraine, tariff-related uncertainty, climate shocks, rising inequalities, debt vulnerabilities, and tightening financial conditions. It also stresses reduced aid and mounting pressure on multilateral collaboration.

Why does the statement argue that multilateral institutions are essential now?

It links heightened geopolitical uncertainty and global complexity to the need for effective and resilient Bretton Woods institutions. It specifically calls out the rules-based multilateral system and the roles of the IMF and World Bank Group.

How does the statement describe Poland’s economic performance and priorities?

It credits Poland’s resilience to diversified structure, regional value chain integration, macroeconomic stability, a stable financial sector, and robust labor markets. It also notes planned defence spending and emphasizes the need for fiscal sustainability through reducing debt and rebuilding buffers.

Jul 19, 2026

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