During
last year, potential of polish economy was getting better. Poland has become
a relative winner of the global financial crisis. Polish economy can offer a product
which has lately been in short supply - economic stability. Numerous companies
which until lately have not seen Poland as priority investment
location started to take serious interest in the Polish market.
In
2010 Poland
was one of the fastest growing countries in the EU. While the GDP of all
European countries grew at an average rate of 1.8% in 2010, Poland ’s GDP
increased by 3.8%. In 2011 the growth
rate was 4,3%, which was one of the highest growth rate. The forecasted growth
rates for the years to come are also optimistic. According to EUROSTAT
estimates, GDP growth in Poland
will reach 2,7%, which positions Poland
on second place of the fastest growing countries (only Turkey is
supposed to have a rate about 3,3%).
Polish consolidated public debt amounted 56,4% of in 2011 while for the EU27
countries it reached 82,5%.
This
positive trend of expending Polish economy is forecasted to be continued. This
country in the heart of Europe attracts foreign
direct investments. The cost of labor, although gradually increasing, is still
low and represents only a fraction of West European levels, but the quality and
consequently productivity of Polish workers is constantly improving.
Competitiveness of Poland in
Europe is high, but there is still a lot to
do, to attract more investors.
In
worldwide competitiveness rankings, Poland is still in a low position.
The ranking prepared by The World Bank and the International Finance
Cooperation “Easy of Doing business”, which nowadays helps foreign investors to
decide whether start the investment in other country or not, qualify Poland on 55th
place. It is not a good position but compare with previous year when Poland was in
74th place, the business climate has changed a lot. Authors of
rankings also marked that: “Poland was the global top improver in the past year. It enhanced the ease of
doing business through four institutional or regulatory reforms, making it
easier to register property, pay taxes, enforce contracts, and resolve
insolvency.” Polish government did a lot to improve doing business for entrepreneurs,
but is still easier doing business for example in Rwanda ,
or Oman .
The above results confirm the newest
“Economic Freedom” ranking prepared by The Heritage Foundation. Poland ’s
economy freedom is ranked 64th in the 2012 index. Its score is
better than the year before because of an improvement in terms of corruption.
Its overall score is still above average in the world but is lower than average
of the European countries. The authors of the ranking point out that in Poland barriers
to trade are quite low, and commercial operations are aided by regulations that
support open-market policies. On the other hand, the foundations of economic
freedom are challenged still by corruption and inefficient judicial system that
is sensitive to political interference. It is also recommended that it should
be made a more disciplined management of public finance due to accumulation of
large fiscal deficits.
Another ranking prepared by “World
Economic Forum” reaffirms Poland
on 41st position this year. The report presents the strengths and weaknesses of
the Polish economy. The good performance include large market size and high
educational standards, in particular its high enrollment rates. Notable is the
financial sector, which is well developed and inspires confidence. On the other
hand, further enhancing competitiveness will require a significant upgrading of
transport infrastructure, which trails international standards by a considerable
margin. Although some progress has been made in this area in the run up to the
European Football Championships in 2012, it is not sufficient to create the
step change necessary to better connect the different parts of the country. The
report confirms a weakness in overall efficiency of government and government
regulation. Innovation and R&D is not on good path. There should be more partnership
between universities and privet sector, easier access to venture capital, in
order to create innovation environment.
Check
how competitive is your country:
Ilona Kowalczyk
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