Poland: Country and Foreign Investment
The policy of economic liberalisation pursued by the Polish authorities since the 1990s has paid dividends with Poland being the only EU country to avoid going into recession during the global financial crisis during 2008/09. GDP grew by an estimated 2% in 2012, down from 4.3% in 2011. Per capita GDP growth still lags behind the EU average, coming in at USD20,900 (2012 est.) Unemployment remains high with the figures for 2012 estimate to show a slight increase to 12.8% (12.4% in 2011).
EU membership, and consequent access to EU funds have also bolstered the economy, although as with the vast majority of the world's economies, the global economic crisis has had an adverse effect on the economic situation in Poland.
Delivering the conclusions of its Article IV consultation in June 2009, the International Monetary Fund observed that:
"Fiscal policy faces a difficult challenge of balancing short-term cyclical and medium-term sustainability considerations. On the one hand, allowing the deficit to reach 6% of GDP in 2009 would imply a deep fiscal adjustment in the coming years in order to reach the medium-term target. On the other hand, taking what would amount to pro-cyclical measures in order to slash the deficit would exacerbate the economic slowdown."
To help maintain the balance between the short and medium term, the IMF recommended two confidence boosting measures: firstly a revised timetable for adopting the Euro and secondly an overhauling of the fiscal policy framework.