Poland has been a development success story. The country moved from middle-income to high-income status in less than 15 years. Watch this video to find out how Poland did it, what possible lessons can be drawn from the country's experience, and which challenges remain for a continued growth.
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TRANSCRIPT
Poland, the largest formerly-communist country in the EU, has become a development success story. Over the last two decades, it has had the highest, most stable growth in the EU.
Poland’s economic growth was also inclusive: Wages and jobs increased, while poverty declined.
There are five important lessons from Poland’s experience:
The country had a shared vision, achieved by reforming both political and economic institutions; Macroeconomic stability kept inflation and debt under control; It opened the economy to international markets, forcing firms to become more productive and competitive; It massively invested in education; Poland also created a market economy which generated more jobs and higher wages.
Still, some big challenges remain.
People demand higher income growth and better government services - leaving nobody behind
An ageing population is depleting the workforce.
While global political uncertainty continues to weigh on the growth and fiscal outlooks.
A new economic strategy for Poland is needed with: innovation and quality - not low labor costs - driving competitiveness; a better balance between job security and labor market flexibility; A public sector that provides better services to its citizens; Continued prudent fiscal and monetary policies to absorb possible shocks
Ensuring continued political support for the right reforms will allow Poland to catch up with the rest of the advanced economies in the EU.
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