The Poles want to rank among the largest economic powers in the EU and are making progress towards this goal. What is the reason for the success?
Poland is recording exceptional economic success - with over three percent growth in the past quarter alone. "In terms of growth, Poland is truly the champion in the EU", economist Christopher Fuss told ARD. "Poland is growing approximately three times faster than the EU average. And not since this year or last year, but for a long time now." According to Fuss, the achievements are also due to the mentality of the Poles - they want to rank among the largest economic powers in the Community.
The expert points out to the German public media that the will to grow and modernize is a fact - as is the adoption of new technologies. Fuss told ARD that older Poles are also up to speed with new technologies - something that is lacking in Germany.
The recipe for success: cheap and uncomplicated
Added to this is the fact that everything in the administration is done online, respectively quickly and without unnecessary paperwork. Startups, for example, can be created very quickly - significantly faster than in Germany. Meanwhile, more and more companies are opening their production facilities in Poland - because of lower labor costs, Thomas Obst from the Institute for German Economics told ARD.
According to him, the rise is not a purely national phenomenon. "It is not only the Polish middle class that is investing in Poland, many foreign companies are also doing so - companies from Europe and the USA."
Poland's economic success has long been clearly visible on the Warsaw Stock Exchange - shares have risen by 30 percent since the beginning of the year. But now there are growing voices that the rally may be coming to an end - as Poland has to contend with huge budget gaps.
Investment in infrastructure
At the moment, Poland's main advantage is growth, says Thomas Obst. "When an economy has high growth, this means that the debt-to-GDP ratio can remain relatively stable, even if the budget deficit is high."
The billions in EU stimulus funds allocated to Poland also play a big role in its success. Christopher Fuss and Thomas Obst agree: the country has managed to use these funds well and invest them in meaningful, future-oriented projects - such as infrastructure.
According to Obst, the main factors behind what has been achieved so far are two: flexibility and adaptability.