Morgan Stanley IM: Poland’s Quiet Convergence

Eric Carlson and Ravi Jain explore how the country became one of the most successful economies to emerge from the former Soviet bloc.

Thirty-five years ago, following the formation of Poland’s first noncommunist government post-World War II, Lawrence Eagleburger, then deputy U.S. secretary of state, sent a note to the American ambassador in Warsaw. He encouraged efforts to ensure economic prosperity in Poland, “full employment, low inflation, high productivity and a Mercedes (or equivalent) in every garage.” Though the memo ended on a humorous note, it also foreshadowed the Poland that was to emerge 30 years later.

^{RISK CONSIDERATIONS
There is no assurance that a portfolio will achieve its investment objective. Portfolios are subject to market risk, which is the possibility that the market values of securities owned by the portfolio will decline and that the value of portfolio shares may therefore be less than what you paid for them. Market values can change daily due to economic and other events (e.g. natural disasters, health crises, terrorism, conflicts and social unrest) that affect markets, countries, companies or governments. It is difficult to predict the timing, duration, and potential adverse effects (e.g. portfolio liquidity) of events. Accordingly, you can lose money investing in this portfolio.  Please be aware that this portfolio may be subject to certain additional risks. In general, equities securities’ values also fluctuate in response to activities specific to a company. Investments in foreign markets entail special risks such as currency, political, economic, market and liquidity risks. The risks of investing in emerging market countries are greater than the risks generally associated with investments in foreign developed countries.} 

^{IMPORTANT DISCLOSURES}

^{Past performance is no guarantee of future results. The returns referred to herein are those of representative indices and are not meant to depict the performance of a specific investment.}

^{There is no guarantee that any investment strategy will work under all market conditions, and each investor should evaluate their ability to invest for the long-term, especially during periods of downturn in the market.}

^{A separately managed account may not be appropriate for all investors. Separate accounts managed according to the particular Strategy may include securities that may not necessarily track the performance of a particular index. Please consider the investment objectives, risks and fees of the Strategy carefully before investing. A minimum asset level is required.}

^{For important information about the investment managers, please refer to Form ADV Part 2.}