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OECD Economic Surveys: Poland 2004

image of OECD Economic Surveys: Poland 2004

While Poland has undergone major change in the last decade, in this 2004 review of Poland’s economy, OECD finds that much needs to be done to facilitate convergence with the rest of Europe.  OECD proposes a comprehensive programme of reform covering an unsustainably large fiscal deficit, widespread unemployment, weak investment performance, and slow rural restructuring.  This edition’s special feature covers the labour market.

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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 ...

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