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2010 OECD Economic Surveys: Poland 2010

image of OECD Economic Surveys: Poland 2010

OECD's periodic survey of Poland's economy.  This 2010 edition features chapters covering ensuring a balanced recovery, preparing for euro adoption, and making the most of globalisation. It finds that Poland's economic performance in 2009 was strong, given the global downturn and the the risks of a boom in the medium-term are growing.  It recommends that fiscal discipline be restored, the the ground for euro adoption be prepared, and that broad structural reforms are need to benefit more extensively from globalisation.

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Executive summary

Poland’s economic performance in 2009 was strong, given the global downturn. Although excess demand was substantial prior to the crisis, the external imbalance was modest relative to some neighbours’ and contagion was contained. Macro-policy responses to the slowdown were largely appropriate, and the sharp depreciation of the zloty cushioned the impact of the foreign shock, but contributed to the postponement of euro adoption. The slowdown even cooled off residual inflationary pressure, while the swift turnaround in wages helped limit job losses. A number of issues should be addressed, however, to strengthen Poland’s position in a globalising world and ensure sustainable growth, given the prospects of future euro adoption, persistently large EU transfers and desirable inflows of foreign direct investment.

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