Remarkable economic transformation in the eastern sector. - What is it about Poland's growth that is surpassing ours?
Germany will not expand in 2024. All well-known economic organizations are anticipating growth of around 0.0%. This is now also the case with the EU Commission's projection. However, the numbers also demonstrate that other nations are growing significantly faster than Germany.
Our neighbor is at the head of the pack. 2.8% growth is forecasted for Poland in 2024, with the Commission predicting 3.4% for 2025. The Polish miracle!
Poland's rapid expansion
The countries with the strongest growth are those dependent on tourism, such as Croatia (3.3%) and Malta (4.6%). The EU as a whole is anticipated to develop by 1%. As per the EU Commission, Germany is nearly at the bottom with 0.1% growth.
Poland has been a leader in economic growth for decades and is becoming an increasingly powerful economy in Europe. In 2019, Marcin Piątkowski (48), one of Poland's top economists, released a study titled "The Miracle on the Vistula." He discovered that Poland has been Europe's most successful economy over the last 30 years. Additionally, Poland has progressed significantly in terms of per capita income. This implies that all Poles have benefited from the economic upturn. The economy is also quite diversified, meaning it is not completely reliant on any one sector.
Even better news is that there is no sign of this robust economic growth slowing down. One factor contributing to this is the inflow of refugees from Ukraine. Two-thirds of them now have jobs and contributed up to 1% additional growth last year.
What else leads to Poland's strong growth?
Economist Paweł Tokarski (43) from the "Stiftung Wissenschaft und Politik" (German Institute for International and Security Affairs) identified four key factors:
► Proactive economic policies (such as new social transfers that boost consumption)
► Optimistic consumer attitude (high propensity to shop, sometimes even on credit, low savings)
► Abundant inflow of foreign investment
► Availability of EU funds: Poland may count on a total of up to 137 billion euros in EU payments following rule of law reforms
However, Tokarski also sees issues: "Prime Minister Donald Tusk must balance the government's finances, which will be difficult given the social transfers and spending obligations in the energy and defense sectors."
Nevertheless: Poland's economic miracle will continue at a rapid pace. It's time for us to examine what we can learn from this success story.
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Source: symclub.org
