Poland has steadfastly pursued a policy of economic liberalization since 1990 and today stands out as a success story among transition economies. In 2006, GDP grew 5.3%, based on rising private consumption, a 16.7% jump in investment, and burgeoning exports. Poland today has a thriving private sector which created more than 300,000 new jobs during 2006 alone. GDP per capita roughly equals that of the three Baltic states. Consumer price inflation - at 1.3% in 2006 - remains among the lowest in the EU. Since 2004, EU membership and access to EU structural funds has provided a major boost to the economy. Inflows of direct foreign investment exceeded $10 billion in 2006 alone - and more than $100 billion since 1990 - with major investments being announced by foreign firms in computer, consumer electronics, and automobile component production. In early 2006, Poland reached agreement with its EU partners that will permit it to benefit from EU funds totaling nearly $80 billion during 2007-13. Since 2002, even though the zloty appreciated 30%, Poland's exports more than doubled. Despite Poland's successes, more remains to be done. Unemployment, which stood at 15% in December 2006, is still the highest in the EU. An inefficient commercial court system, a rigid labor code, bureaucratic red tape, and persistent corruption keep the private sector from performing to its potential. Agriculture is handicapped by inefficient small farms and inadequate investment. Restructuring and privatization of the remaining state-owned industries, especially "sensitive sectors" such as coal, oil refining, railroads, and energy transmission and generation, have stalled due to concerns about loss of control over critical national assets and lay-offs. Reforms in health care, education, the pension system, and state administration have failed so far to reduce the government budget deficit, which was roughly 2.7 percent of GDP in 2006. Further progress in public finance depends mainly on reducing losses in Polish state enterprises, restraining entitlements, and overhauling the tax code. The previous Socialist-led government introduced a package of social and administrative spending cuts to reduce public spending by about $17 billion through 2007, but full implementation of the plan was trumped by election-year politics in 2005. The right-wing Law and Justice party won parliamentary elections in September 2005, and Lech KACZYNSKI won the presidential election in October, running on a state-interventionist fiscal and monetary platform. The new government has proceeded cautiously on economic matters, however, retaining, for example, the corporate income tax cuts initiated by the previous administration and indicating its intention to reduce the top personal income tax rate.
More finance information from Poland:
General Economic Links:
| Chase.com |
| With many branches across the U.S., Chase provides many personal and business banking services
|
| DealBook |
| The New York Times online daily digest of finance news and analysis is constantly updated during the market day.
|
| Financial Times |
| This venerable international business newspaper reports extensively on business and stock markets.
|
| Financial-portal.com |
Portal presents comprehensive financial resources, articles, news, stats, indexes, financial institutions etc:
- articles on financial topics
- financial news
- latest currency charts
- latest gold, silver, platinum and other precious metal prices
- current financial indexes and dynamic graphs
- universal currency converters (all major currencies)
- stock, commodity and other major exchanges
|
| Finweb.com - the independent financial portal |
| "Financial security. Everyone wants it; few have it. Many do not realize that true financial security requires strength in every area of one’s financial affairs. It requires a systematic approach, a strategic plan implemented over time, in order to obtain it. But it can be obtained. With the proper educational training and discipline, financial stability and security is within anyone’s grasp. That’s why we’re here: to provide you with a solid foundation of valuable financial knowledge from which to proceed..."
|
| Fitch Ratings |
| Provides independent global credit rating information for the world’s credit markets
|
| Forbes.com |
| Extensive coverage of business and financial news, Forbes is one of the premier sites covering the world of business.
|
| Google Finance |
| Google Finance provides an unclutered interface to finance news, market summary with graphs, stock quotes, top movers and other indicators. Also search companies by stock code.
|
| Kiplinger |
| Personal finance site that offers calculators, business news, quotes and much more personal finance information
|
| MarketWatch |
| This Dow Jones operated site provides personal finance news, advice and stock market data and analysis
|
| MSN Money |
| The MSN (Microsoft Network) provides a finance portal including latest finance news, market updates and resources.
|
| Yahoo Finance |
| The Yahoo search engine provides a finance portal with breaking news, market summaries and editor articles.
|
|
