For the first time in half a millennium, Poland is thriving, says Vendeline von Bredow.
Can it last?
But rigorous economic shock therapy in the early 1990s put Poland on the right track. Market-oriented reforms included removing price controls, restraining wage increases, slashing subsidies for goods and services and balancing the budget. The cure was painful, but after a couple of years of sharp recession in 1990-91 Poland started to grow again. It has not stopped since, and received a further boost when it joined the EU in 2004. Since then economic growth has averaged 4% a year. GDP per person at purchasing-power parity is now 67% of the EU average, compared with 33% in 1989, and the economy is almost three times the size of Ukraine’s. The country has redirected much of its trade from its eastern neighbours to the EU, started to modernise its transport infrastructure and restructured some of its ailing state-owned industrial behemoths. Read on ...
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This is a partial repost of an article that appeared on the Economist on June 28, 2014.