The macroeconomic fallout from Russia's call-up of military reservists in September and its formal annexation of Ukrainian territory last week has continued to mount, resulting in tighter Western sanctions, a mass fleeing of people from Russia and a mini bank run. Developments around the war are now having a bigger direct impact on the population and will weigh on economic activity for some time. Meanwhile, Poland's central bank left interest rates on hold this week but comments from Governor Glapinski after the meeting suggest that its final act may be at November's Inflation Report meeting. We think the tightening cycle will end with a 25bp hike.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to gain:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services