Poland has become CEE economic leader

Poland as a representative of the new EU member countries is today an economic leader in Central and Eastern Europe. In addition, thanks to its persistent moves toward political and economic improvements it has come to be perceived as a reliable partner.

As the recent economic slump proved, Poland has stood exceptionally well the test of time in the global financial muddle. In fact, Poland was the only country in Central Europe to record GDP growth in 2009 at a rate of 1,8%. Thus Polish business people deserve commendation for demonstrating the skill to adjust their activities to constantly altering market conditions.

It is also worth noting that the sound Polish economy lingers on due to the good equilibrium between the manufacturing sector and services, strengthened by a significant increase in consumption and domestic demand in GDP. Additionally, the Polish labor market is flexible, the Polish currency, the zloty, is considerably weakened and efficient economic policies have been steadily introduced. It all allows Poland to maintain its stable economic situation and good development prospects for the foreseeable future.

The Polish banking system also revealed high resistance to the global crisis. In consequence, the Polish taxpayer did not to earmark any funds for the recovery of the solvency of Polish banks. It was possible due to the efficacy of the banks’ supervision and sensible banking regulations based on the Polish market experiences form the two decades of the economic transformation.

It should be understood that Central and Eastern Europe does not only encompass the nine new European Union member countries, but also Ukraine, Belarus and Moldova. In total, the population of the region adds up to 160 million inhabitants, which translates into a great potential. The twelve countries of the region generate a GDP worth of 4.4 trillion USD which nearly equals the GDP rate of China or Japan.

To represent such a region brings considerable opportunities for Poland and leads to incessant fostering of the strong position Poland has already assumed in Europe and worldwide. Although Poland’s population accounts for only 24% of the population of the area, its input in the region’s GDP share is as much as 40%.

Aware of the chances, Poland’s authorities make efforts to develop viable partnership relations with the adjacent countries. Such correlations are also thought to help defy the lean years that have been brought by the infamous financial difficulties.