The socialist economic system imposed in the late 1940s created large and unwieldy economic structures operated under a tight central command.
The minister also suggested Poland should have greater control over the economy. == Data == The following table shows the main economic indicators between 1980 and 2020.
Since 1988, Poland has pursued a policy of economic liberalization and today stands as the greatest success story of all the post-communist states of Europe - its economy was the only one in the EU to avoid a recession through the 2007–08 economic downturn, and as of 2019 the Polish economy has been growing steadily for the past 28 years, a record high in the EU and only surpassed by Australia in the world economy.
With the economic reform of 1989 the Polish external debt increased from $42.2 billion in 1989 to $365.2 billion in 2014.
It has had uninterrupted economic growth since 1992, even after the 2007 financial crisis. ===Before 1989=== This article discusses the economy of post-1989 Poland.
The economic reforms implemented after the fall of socialism in the 1990s have also played a role; between 1989 and 2007 Poland's economy grew by 177%, faster than other countries in Eastern and Central Europe, while at the same time millions were left without work. However, the economic fluctuations of the business cycle did affect Poland's unemployment rate, which by early 2013 reached almost 11%.
As of October 2017, Poland's unemployment rate stood at 4.6% according to Eurostat. == Economic growth == In the period from 1989 to 2018, Poland's GDP increased by 826.96% and it was the best result in Europe.
over the last 20 years, the most impressive performance in Central Europe resulting in the country increasing its GDP seven-fold since 1990. Poland is classified as a high-income economy by the World Bank and ranks 22nd worldwide in terms of GDP (nominal) as well as 40th in the 2020 Ease of Doing Business Index.
For a historical overview see: Economy of the People's Republic of Poland (1945–1989) Economy of the Second Polish Republic (1918–1939) Economy of the Polish–Lithuanian Commonwealth (1569–1795) === 1990-2009 === The Polish state steadfastly pursued a policy of economic liberalization throughout the 1990s, with positive results for economic growth but negative results for some sectors of the population.
The economic reforms implemented after the fall of socialism in the 1990s have also played a role; between 1989 and 2007 Poland's economy grew by 177%, faster than other countries in Eastern and Central Europe, while at the same time millions were left without work. However, the economic fluctuations of the business cycle did affect Poland's unemployment rate, which by early 2013 reached almost 11%.
In 1990, the Polish national income amounted to USD 65.978 billion, and by 2017 it had increased to USD 524.5 billion.
The unemployment rate then fell to 10% by the late 1990s and then increased again in the first few years of the 21st century, reaching a peak of 20% in 2002.
In 2011 the volume of trade (exports plus imports) with the Euro area as share of GDP was 40%, a doubling from the mid 1990s.
Since 2008 the unemployment rate in Poland has consistently been below European average. The rate fell below 8% in 2015 and 3.2% in 2019 leading to a labor deficit. The International Monetary Fund forecasted Poland’s unemployment rate to increase to 9.919% in 2020, and stand at 8.032% in Dec 2021. ==Foreign trade and FDI== With the collapse of the rouble-based COMECON trade bloc in 1991, Poland reoriented its trade.
It has had uninterrupted economic growth since 1992, even after the 2007 financial crisis. ===Before 1989=== This article discusses the economy of post-1989 Poland.
As early as 1996, 70% of its trade was with EU members.
However, in August 2014, exports of fruits and vegetables to Russia fell dramatically following its politically motivated ban by Moscow. Foreign direct investment (FDI) was at 40% of GDP in 2010, a doubling over the level in 2000.
The unemployment rate then fell to 10% by the late 1990s and then increased again in the first few years of the 21st century, reaching a peak of 20% in 2002.
Poland joined the European Union in May 2004.
According to the OECD (www.oecd.org) report, in 2004 Poles were one of the hardest-working nations in Europe.
Poland is the sixth-largest producer and exporter of apples in the entire world. ===Tourism=== Poland, especially after joining the European Union in 2004, became a place frequently visited by tourists.
According to the National Bank of Poland (NBP), the level of FDI inflow into Poland in 2006 amounted to €13.9 billion. According to an Ernst & Young report, Poland ranks 7th in the world in terms of investment attractiveness.
According to Tourist Institute's data, Poland was visited by 15.7 million tourists in 2006, and by 15 million tourists in 2007, out of the total number of 66.2 million foreign visitors.
Since 1988, Poland has pursued a policy of economic liberalization and today stands as the greatest success story of all the post-communist states of Europe - its economy was the only one in the EU to avoid a recession through the 2007–08 economic downturn, and as of 2019 the Polish economy has been growing steadily for the past 28 years, a record high in the EU and only surpassed by Australia in the world economy.
It has had uninterrupted economic growth since 1992, even after the 2007 financial crisis. ===Before 1989=== This article discusses the economy of post-1989 Poland.
The economic reforms implemented after the fall of socialism in the 1990s have also played a role; between 1989 and 2007 Poland's economy grew by 177%, faster than other countries in Eastern and Central Europe, while at the same time millions were left without work. However, the economic fluctuations of the business cycle did affect Poland's unemployment rate, which by early 2013 reached almost 11%.
According to Tourist Institute's data, Poland was visited by 15.7 million tourists in 2006, and by 15 million tourists in 2007, out of the total number of 66.2 million foreign visitors.
Since 2008 the unemployment rate in Poland has consistently been below European average. The rate fell below 8% in 2015 and 3.2% in 2019 leading to a labor deficit. The International Monetary Fund forecasted Poland’s unemployment rate to increase to 9.919% in 2020, and stand at 8.032% in Dec 2021. ==Foreign trade and FDI== With the collapse of the rouble-based COMECON trade bloc in 1991, Poland reoriented its trade.
However, Ernst & Young's 2010 European attractiveness survey reported that Poland saw a 52% decrease in FDI job creation and a 42% decrease in number of FDI projects since 2008.
In part because of this systemic rigidity, the economy performed poorly even in comparison with other economies in Central Europe. The non-prescription medicines market, which accounts for about one-third of the total market value, was worth PLN 7.5bn in 2008.
For example, when moving production from China, the new factory in Poland can move their goods in 24 hours to most populated parts of Europe, and in 48 hours to all Europe. == The potential of Polish economy in the EU == Poland, measured by the purchasing power parity index, is the sixth economy in the European Union and eighth in Europe, slightly ahead of the Netherlands. Poland also recorded GDP growth also during the 2008–09 financial crisis.
Further progress in public finance depends mainly on the reduction of public sector employment, and an overhaul of the tax code to incorporate farmers, who currently pay significantly lower taxes than other people with similar income levels. ===Since the 2009 financial crisis=== Since the global recession of 2009, Poland's GDP continued to grow.
In 2009, at the high point of the crisis, the GDP for the European Union as a whole dropped by 4.5% while Polish GDP increased by 1.6%.
At the beginning of 2009, Poland's banking sector had 51 domestic banks, a network of 578 cooperative banks and 18 branches of foreign-owned banks.
Banks in Poland reacted to the financial crisis of 2009 by restraining lending, raising interest rates, and strengthening balance sheets.
Between 2009 and 2019, these entities have invested locally in over 750 companies, an average of 9 companies per portfolio.
The country's top export goods include machinery, electronic equipment, vehicles, furniture, and plastics. According to the Statistics Poland, in 2010 the Polish economic growth rate was 3.7%, which was one of the best results in Europe.
Food exports amounted to 62 billion złoty in 2011, increasing by 17% from 2010.
However, in August 2014, exports of fruits and vegetables to Russia fell dramatically following its politically motivated ban by Moscow. Foreign direct investment (FDI) was at 40% of GDP in 2010, a doubling over the level in 2000.
However, Ernst & Young's 2010 European attractiveness survey reported that Poland saw a 52% decrease in FDI job creation and a 42% decrease in number of FDI projects since 2008.
Food exports amounted to 62 billion złoty in 2011, increasing by 17% from 2010.
In 2011 the volume of trade (exports plus imports) with the Euro area as share of GDP was 40%, a doubling from the mid 1990s.
Subsequently, the sector started lending again, with an increase of more than 4% expected in 2011. === Venture capital === The segment of the private equity market that finances early-stage high-risk companies, with the potential for fast growth, 130 active firms in Poland (as of March 2019).
In preparation for the Euro 2012 football championships jointly hosted by Poland and Ukraine, a number of airports around the country were renovated and redeveloped.
As of November 2013, the size of the EU's economy remains below the pre-crisis level, while Poland's economy increased by a cumulative 16%.
The economic reforms implemented after the fall of socialism in the 1990s have also played a role; between 1989 and 2007 Poland's economy grew by 177%, faster than other countries in Eastern and Central Europe, while at the same time millions were left without work. However, the economic fluctuations of the business cycle did affect Poland's unemployment rate, which by early 2013 reached almost 11%.
Germany is by far the biggest importer of Poland's exports as of 2013.
With the economic reform of 1989 the Polish external debt increased from $42.2 billion in 1989 to $365.2 billion in 2014.
In 2014 its economy grew by 3.3% and in 2015 by 3.8%.
However, in August 2014, exports of fruits and vegetables to Russia fell dramatically following its politically motivated ban by Moscow. Foreign direct investment (FDI) was at 40% of GDP in 2010, a doubling over the level in 2000.
In 2014 its economy grew by 3.3% and in 2015 by 3.8%.
Since 2008 the unemployment rate in Poland has consistently been below European average. The rate fell below 8% in 2015 and 3.2% in 2019 leading to a labor deficit. The International Monetary Fund forecasted Poland’s unemployment rate to increase to 9.919% in 2020, and stand at 8.032% in Dec 2021. ==Foreign trade and FDI== With the collapse of the rouble-based COMECON trade bloc in 1991, Poland reoriented its trade.
In 2016 the number of arrivals to Poland amounted to 80.5 million.
Since 2016, new legal institutions have been established for entities implementing investments in enterprises in the seed or startup phase.
Poland has a highly diverse economy that ranks 21st in the 2017 Economic Complexity Index.
Poland shipped US$224.6 billion worth of goods around the globe in 2017, while exports increased to US$221.4 billion.
As of October 2017, Poland's unemployment rate stood at 4.6% according to Eurostat. == Economic growth == In the period from 1989 to 2018, Poland's GDP increased by 826.96% and it was the best result in Europe.
In 1990, the Polish national income amounted to USD 65.978 billion, and by 2017 it had increased to USD 524.5 billion.
In 2018, the Polish economy grew by 5.1% compared to 4.8% in 2017.
As of October 2017, Poland's unemployment rate stood at 4.6% according to Eurostat. == Economic growth == In the period from 1989 to 2018, Poland's GDP increased by 826.96% and it was the best result in Europe.
In 2018, the Polish economy grew by 5.1% compared to 4.8% in 2017.
Economic growth in the fourth quarter of 2018 in Poland amounted to 4.9% on an annual basis and compared to the third quarter, where GDP increased by 5.1%, it was slightly lower.
In 2018, venture capital funds invested in Polish startups (0.033% of GDP).
Since 1988, Poland has pursued a policy of economic liberalization and today stands as the greatest success story of all the post-communist states of Europe - its economy was the only one in the EU to avoid a recession through the 2007–08 economic downturn, and as of 2019 the Polish economy has been growing steadily for the past 28 years, a record high in the EU and only surpassed by Australia in the world economy.
The PMI index in January 2019 was 48.2 points.
Since 2008 the unemployment rate in Poland has consistently been below European average. The rate fell below 8% in 2015 and 3.2% in 2019 leading to a labor deficit. The International Monetary Fund forecasted Poland’s unemployment rate to increase to 9.919% in 2020, and stand at 8.032% in Dec 2021. ==Foreign trade and FDI== With the collapse of the rouble-based COMECON trade bloc in 1991, Poland reoriented its trade.
The prescription medicines market was worth PLN 15.8bn. ===Mining=== In 2019, the country was the 3rd largest world producer of rhenium; 5th largest producer of silver in the world; the 12th largest producer of copper; the world's 14th largest producer of sulfur; in addition to being the world's 14th largest producer of salt.
Subsequently, the sector started lending again, with an increase of more than 4% expected in 2011. === Venture capital === The segment of the private equity market that finances early-stage high-risk companies, with the potential for fast growth, 130 active firms in Poland (as of March 2019).
Between 2009 and 2019, these entities have invested locally in over 750 companies, an average of 9 companies per portfolio.
As of March 2019, total assets managed by VC companies operating in Poland are estimated at .
over the last 20 years, the most impressive performance in Central Europe resulting in the country increasing its GDP seven-fold since 1990. Poland is classified as a high-income economy by the World Bank and ranks 22nd worldwide in terms of GDP (nominal) as well as 40th in the 2020 Ease of Doing Business Index.
The minister also suggested Poland should have greater control over the economy. == Data == The following table shows the main economic indicators between 1980 and 2020.
Since 2008 the unemployment rate in Poland has consistently been below European average. The rate fell below 8% in 2015 and 3.2% in 2019 leading to a labor deficit. The International Monetary Fund forecasted Poland’s unemployment rate to increase to 9.919% in 2020, and stand at 8.032% in Dec 2021. ==Foreign trade and FDI== With the collapse of the rouble-based COMECON trade bloc in 1991, Poland reoriented its trade.
Since 2008 the unemployment rate in Poland has consistently been below European average. The rate fell below 8% in 2015 and 3.2% in 2019 leading to a labor deficit. The International Monetary Fund forecasted Poland’s unemployment rate to increase to 9.919% in 2020, and stand at 8.032% in Dec 2021. ==Foreign trade and FDI== With the collapse of the rouble-based COMECON trade bloc in 1991, Poland reoriented its trade.
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