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  • Faithful to my Homeland, the Republic of Poland
  • ECONOMY

  • 6 October 2014

    “Poland has long been the most important model of post-Soviet transformation,” NYT, 4 October 2014

    Despite a difficult and unstable situation close to its borders, Poland, with a robust and stable economy, has successfully managed to cope with the challenges emerging in Europe over the past years, Rick Lyman writes for the online edition of the New York Times, an American daily. “Poland managed to sail through the global financial crisis with barely a bruise, maintaining solid growth rates, attracting considerable new investment and industry and using its relative economic strength to build clout within the European Union,” writes the New York Times. The newspaper emphasises that thanks to its size, enthusiasm for embracing the changes and good governance, Poland has become a model of post-Soviet transformation. Today, when Russia is again seeking to assert its influence in Central and Eastern Europe, “Poland has taken on an even more important role as the leading symbol of regional stability and resolve.”

    The American newspaper writes that Poland is not vulnerable to Russian energy pressure; indeed, it is pressing the European Union to reduce its reliance on Russian energy supplies. What is more, Russian countersanctions imposed on the European Union, according to the newspaper, had a relatively little impact on Poland’s economy; instead they inspired a “patriotic campaign” to eat more home-grown apples whose import has been banned by Moscow.

    The New York Times praises Poland and stresses that its GDP has grown by 25% since 2008, while the EU’s average has slightly gone down over this period. The article reports that since 2003 the country’s exports have almost quadrupled. According to the authors, Poland attracts the world’s major investors, and Warsaw has become a huge construction site.

    According to the New York Times, even with its public deficit levels and slackening consumer spending, “the Polish economy has helped give the country additional credibility and influence in Europe.” “The most recent evidence for this was the election of Donald Tusk, Poland’s prime minister, as president of the European Council, the first leader from a former Soviet bloc nation to hold such a top-level position,” writes the New York Times.

    Quoting Polish economists, the New York daily underlines that Poland’s corporate debt remains on a low level. Compared with large countries of Western Europe, such as Germany, Spain and Britain, our public debt is relatively low and is just below 60% of GDP.

    The New York Times predicts that Poland’s economy must be growing faster than 2% to be able to develop into something more like other Western powerhouses and suggests the country needs to promote a globally recognised brand.

    The article quotes Kerry Person, chief of operations for Amazon in Central and Eastern Europe, as saying: “I don’t think we’ve ever gone to another country with such a sizable investment, this much footprint, this much real estate or these many jobs in the first year.” It was a sign, Mr Person added, of Amazon’s faith in Poland’s economic future.

    According to the newspaper, free-market capitalism is buzzing in Poland despite the economic travails of the region in recent years.

    Link to the article:

    http://mobile.nytimes.com/2014/10/05/world/europe/poland-economy-european-union-russia-trade-sanctions.html?_r=1

     

     

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