The Challenge of Regaining Sustainable and Fast Growth

Poland acceded to the European Union on 1 May 2004, following 15 years of economic and political transition. Its achievements over this period are many, both on the legal/institutional and economic fronts. In addition to the EU, it has gained membership in NATO, the WTO and the OECD trade with western Europe and the rest of the OECD has flourished, increasing 300 per cent since 1990 a booming service sector has emerged, where virtually none existed before price stability has begun settling-in after years of double digit inflation and, most recently, the deficit of the current account has been reduced to sustainable levels. Notwithstanding these achievements, as Poland embraces to EU membership a number of challenges remain: ensuring the sustainability of public finances, increasing employment from current excessively low levels, restoring investor’s confidence in the economy and speeding restructuring, notably within the agricultural sector. Meeting each of these challenges ...