For a polygon $P$ with holes in the plane, we denote by $\varrho(P)$ the ratio between the geodesic and the Euclidean diameters of $P$. It is shown that over all convex polygons with $h$~convex holes, the supremum of $\varrho(P)$ is between $\Omega(h^{1/3})$ and $O(h^{1/2})$. The upper bound improves to $O(1+\min\{h^{3/4}\Delta,h^{1/2}\Delta^{1/2}\})$ if every hole has diameter at most $\Delta\cdot {\rm diam}_2(P)$; and to $O(1)$ if every hole is a \emph{fat} convex polygon. Furthermore, we show that the function $g(h)=\sup_P \varrho(P)$ over convex polygons with $h$ convex holes has the same growth rate as an analogous quantity over geometric triangulations with $h$ vertices when $h\rightarrow \infty$.
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