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Post by tufta on Apr 23, 2009 21:20:02 GMT 1
Should President Obama follow Poland's example in his trial to lead US out of the crisis? ----------------------------------- Polish economics
By | Thursday, April 23, 2009
President Obama's model for spending the nation out of recession is Franklin D. Roosevelt's New Deal. A better example is the Reaganite bearing of post-communist Poland.
In the midst of the global financial crisis, Poland's economy is forecast to grow by almost 1 percent. According to business economists and the Economist magazine, Poland likely will be the only European country with a growing gross domestic product in 2009. Germany's GDP is expected to shrink by more then 5 percent, Britain's by almost 4 percent, France's by 3 percent and the Czech Republic's by 3 percent. With a projected GDP drop of about 3 percent, the United States doesn't look any better.
Poland stands out because of its commitment to free-market policies. Facing down the global economic crisis, leaders in Warsaw have slashed marginal tax rates, cut government spending and temporarily suspended some government regulations.
On Jan. 1, Poland cut its top marginal tax rate from 40 percent to 32 percent - and that's just a start. Last year, Polish Prime Minister Donald Tusk announced plans to move to a flat-tax rate of 19 percent in 2010 or 2011. What Poland understands is the importance of the marginal tax rate. The less you take from each additional zloty (the Polish currency) that people earn, the harder they work, the more they invest and the bigger the economic pie becomes.
Contrast Polish common sense with President Obama, who says ever-more government spending is the solution. According to him, "Economists on the left and right agree that the last thing the government should do during a recession is cut back on spending." Poland apparently found contrary advice from other economists. As revenue has fallen, the Polish government has done precisely what Mr. Obama says not to do: cut back on government spending. Warsaw lowered government spending by 6 percent this fiscal year, while Mr. Obama's budget is scheduled to soar by 32 percent.
Poles who suffered under communist central planning don't believe more government is the answer to an ailing economy. An old Polish proverb warns: "Do not push the river, it will flow by itself." That's one of many lessons Mr. Obama and his advisers could learn from this rare, growing European nation. www.washingtontimes.com/news/2009/apr/23/polish-economics/ |
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Post by tufta on Apr 23, 2009 21:22:03 GMT 1
I forgot! Bo, life in Poland is not totally thorny!  ;D |
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Post by Bonobo on Apr 23, 2009 23:22:57 GMT 1
Poland likely will be the only European country with a growing gross domestic product in 2009. Germany's GDP is expected to shrink by more then 5 percent, Britain's by almost 4 percent, France's by 3 percent and the Czech Republic's by 3 percent. With a projected GDP drop of about 3 percent, the United States doesn't look any better. Not that I am overwhelmed with Schadenfreunde, but certainly the recession will help us catch up with some guys sooner than later. Hmm, do you realise what human suffering will follow the reduction of government spendings? Funny but I don`t know this apparently Polish saying. I know zawracanie kijem Wisły.... and Te, wariat, Wisła się pali. Both suit the situation well. ;D ;D ;D Yes, we are rare, indeed. Mesjanizm speaks through me?? ;D ;D ;D I forgot! Bo, life in Poland is not totally thorny! ;D See above. |
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Post by valpomike on Apr 24, 2009 3:48:04 GMT 1
Like I said, earlier, his does not have any answers that are his, or ideas, he is just following instruction from the party.
Plus, many of his party are getting rich from his plan, or the one given him.
He had to follow instructions, that was his deal, if they got him the job.
Mike
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Post by Bonobo on Apr 24, 2009 20:51:26 GMT 1
German incentives help jumpstart car sales in Poland
By Chris Borowski and Janusz Chmielewski
WARSAW/ZGORZELEC, Poland, April 22 (Reuters) - Thousands of German buyers have used a government rebate intended to prop up the ailing local auto industry to buy new vehicles in Poland instead, revving up its eastern neighbour's car sales.
Analysts estimate that Germans are now driving away in at least one out of every 10 new vehicles sold in Poland after the Berlin government offered 2,500 euros for each old clunker swapped for a new, fuel-efficient vehicle.
The incentive programme introduced in late January has proven a success, with Berlin more than tripling the budget for the programme to 5 billion euros from 1.5 billion. German car sales soared to their highest in 10 years in March.
But many potential buyers have been seeking bargains abroad, especially in Poland, where the local currency's retreat against the euro since last summer has made purchases there up to a third cheaper in euro terms.
"Many families are searching for new cars using the 2,500 euros bonus," said Christhardt, a 34-year old from Leipzig who drove 200 km with his wife and two children to an auto dealer in the border town of Zgorzelec in southwestern Poland.
"The value of the (Polish) zloty is good for them, which means it is not good to buy in Germany," said Christhardt, who declined to give his surname.
Excluding the influx of German buyers, car sales in Poland would have fallen 6 percent in February and by more in March.
Instead, Polish dealers sold 88,000 vehicles in the first quarter, 1.2 percent more than in the same period of 2008.
In all of Europe, sales fell 17.2 percent in the first three months of the year despite several incentive programmes.
Christhardt and other German customers were reluctant to discuss their bargainhunting abroad because some critics say the government programme is meant to help the domestic industry.
Berlin's hands are tied because European Union rules prevent countries from favouring home companies, making it impossible to place any significant limit on where the refund can be spent.
GLOBAL INDUSTRY
Christhardt' s case also illustrates the near impossibility of targetting incentives in the global car industry.
He drove away from the Polish dealership in a new Skoda Octavia -- a car assembled in the Czech factory owned by Germany's Volkswagen (VOWG.DE: Quote, Profile, Research, Stock Buzz) from parts produced by many of its 3,500 suppliers scattered around Europe and the world.
Even if spent in Germany, some cash will go to foreign car makers, such as France's Renault(RENA. PA: Quote, Profile, Research, Stock Buzz) or PSA Peugeot Citroen (PEUP.PA: Quote, Profile, Research, Stock Buzz) that specialise in smaller cars, at the expense of German luxury car makers, Daimler (DAIGn.DE: Quote, Profile, Research, Stock Buzz) and BMW (BMWG.DE: Quote, Profile, Research, Stock Buzz).
There are also concerns that once the incentive programmes run out, auto sales will plunge again.
The wave of German customers contrasts with past trends, when it was usually the Poles who bought Volkswagens and General Motor's(GM.N: Quote, Profile, Research, Stock Buzz) Opels in Germany, especially after the collapse of the Berlin Wall when the flow of good across the border soared.
Even in communist times, a Mercedes was a status symbol on the streets of Warsaw or Krakow.
"Last year we saw no German buyers. Now, five or even six of every 10 cars we sell are bought by Germans," said Slawomir Lipowski, head of the Ultimate dealership in Zgorzelec.
Sales at many of the car salons close to the German border more than doubled in recent weeks, he added.
Especially popular among customers from across the border are smaller vehicles because their lower price tag is attracting budget-conscious buyers in these times of belt-tightening.
"They're mainly buying small and mid-sized cars because with these you get a bigger benefit from the rebate," said Wojciech Drzewiecki, the head of Polish auto industry consultancy Samar. "There is already a shortage of such cars in Polish salons and waiting periods are getting longer."
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Post by valpomike on Apr 25, 2009 2:07:01 GMT 1
We here in the U.S.A. have done with car sales some time ago, and it did help.
Obama, still keep trowing money at his people.
Mike
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Post by Bonobo on Apr 26, 2009 21:46:27 GMT 1
Poland's industrial production volume positively surprises experts
Polish Market
2009-04-24
Industrial production rose in March by 15.5% in comparison to February and fell by 2% on a year on year basis, the Central Statistical Office (GUS) informs.
March saw an increase by 15.1% in the construction sector when compared to February and a 1.2% growth on a year on year basis. In February 2009 the sector experienced a 1.9% growth y-o-y.
All the results are better-than- expected, economists say. A survey conducted by ISB among leading economists foresaw industrial production for March 2009 to fall by 4.8% y-o-y. yet the experts expectations varied substantially and ranged from -9.9% to +0.6%, the average was -4.82%.
Economists assess the results to be good, especially against the backdrop of the region's economic performance e.g. Ukraine suffered a 30% and Russia a 14% fall y-o-y in industrial production.
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Post by tufta on Apr 27, 2009 10:09:20 GMT 1
Poland's economy
www.economist.com/world/europe/displaystory.cfm?story_id=13527532
Not like the neighbours
Apr 23rd 2009 | WARSAW
From The Economist print edition
Most east European economies look sickly, but not Poland—so far
A LOT like South Korea, a bit like Mexico and not at all like its neighbours. That is how Poland wants to be seen after it set up a $20.5 billion credit line from the IMF. This was not a bail-out like those for Ukraine, Hungary and Latvia. It was a precautionary and unconditional overdraft offered only to top-quality borrowers, say officials. The only other country to get similar treatment is Mexico.
A more flattering comparator is South Korea which, like Poland, has let its currency slide, while shunning the deficit-swelling policies of Britain and America. The zloty has fallen by 30% from its peak. The central bank has cut interest rates from 6% in October to 3.75%. Poland faces the crisis in a stronger position than many. Krzysztof Rybinski, a partner at Ernst & Young in Warsaw, points to consumption of 61% of GDP in 2008, close to Western levels. Rapid wage growth and low debt make consumers more robust.
This is partly luck. An overly tight monetary squeeze early in this decade headed off an asset-price bubble. Bureaucratic government checked the property boom; so did tough bank regulation that restrained the borrowing, chiefly in foreign currency, that plagues Hungary. “The things that you criticised Poland for in the past are now proving a blessing,” says a senior official.
The government’s gloomiest forecast is of a rise in GDP this year of 1.7%. Neil Shearing of Capital Economics thinks GDP is more likely to fall by 3%. Unemployment, swollen by returning migrants from western Europe, is already 11.2%. Exports have stalled. Industrial production in the first quarter was down by a tenth on a year ago. Ill-considered currency hedges have hit some firms. Tax revenues are sagging. The government’s efforts to prepare for euro entry by 2012 look “fairly futile”, says Mr Shearing. He thinks 2015 is more realistic.
Yet firms that survived the bureaucratic and other problems of the past 20 years are a resilient lot. Krzysztof Sklorz, whose Katowice-based company exports bricks and tiles, says zloty instability is a problem. But, he adds, “I took out a loan in euros and that’s what my clients pay me in as well, so that’s all right.” Unconsciously echoing Schumpeterian notions of creative destruction, Jozef Przyblya, a hotelier in another Silesian town, Pszczyna, says the crisis has weeded out the “weak and reckless”. The strong euro brings new guests from Germany and even Slovakia (now in the euro). One survey found that over 60% of big firms plan new investment this year. German subsidies to car buyers have stoked demand at Polish factories.
Unlike others in eastern Europe, Poland’s government is strong and stable. But its main contribution, says Marcin Piatkowski, a former IMF economist now at Warsaw’s Kozminski Academy, has been “brilliant PR”. Downplaying the crisis has been good for confidence, but doesn’t help promote much-needed reforms, he notes. One such is of bureaucracy: Poland comes 76th in the World Bank’s ranking for ease of doing business, below Kazakhstan. Mr Rybinski calls this “shameful”.
At least limited reforms to health care, pensions and the labour market are under way. One excuse is that President Lech Kaczynski vetoes laws put forward by a government he detests. Yet by the standards of the region, both Poland’s politics and its economy look pretty good.
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Post by Bonobo on May 31, 2009 12:29:38 GMT 1
Poland Posted Second-Fastest EU Growth in 1st Quarter
By Katya Andrusz and Monika Rozlal
May 29 (Bloomberg) -- Poland posted the European Union's second-fastest economic growth for the first quarter so far as investments in buildings and machinery and household spending kept the nation from slipping into eastern Europe's recession.
Gross domestic product expanded an annual 0.8 percent, the Central Statistical Office said in a preliminary estimate today in Warsaw, the second-best result of the 20 EU countries that have reported first-quarter GDP, behind Cyprus. Seven others, including Slovenia, have yet to release first-quarter figures. The 16-member euro zone contracted 4.6 percent in the period.
Poland has shown more resilience to the global financial crisis than neighbors from the former communist east including the Czech Republic, Lithuania and Hungary. Individual consumption, including spending by households, rose 3.3 percent and fixed investments grew 1.2 percent. Slovenia, which reports GDP next month, contracted 0.8 percent in the fourth quarter,
"The breakdown of the GDP figures is a very positive surprise," said Piotr Bujak, an economist at Bank Zachodni WBK, by phone. "It shows that the Polish economy is weathering the global crisis pretty well."
The zloty rose to 4.4747 against the euro from 4.5237 yesterday.
Eastern Recession
Eastern Europe as a whole has suffered as western trading partners curb demand for their products and investment plans were canceled or postponed as credit sources dried up. All other eastern nations that reported first-quarter results have shown contractions.
The Baltic states of Lithuania, Latvia and Estonia are facing the worst contraction in the EU, with Latvia's economy sinking 18 percent in the first three months.
Cyprus, a Mediterranean island that joined the EU with Poland in May 2004, posted growth of 1.4 percent in the first quarter, making it the fastest growing member in the EU so far. Germany, with the largest economy in the EU, posted a contraction of 6.9 percent, while the U.K.'s GDP sank 4.1 percent.
"Poland has passed the first test during the crisis with the best result in the European Union," Finance Minister Jacek Rostowski said at the press conference in Warsaw. "The coming months will be difficult but maybe the first-quarter data is the first signal of economic recovery."
`Slightly Positive'
The Economy Ministry said in an e-mailed statement that it expects "slightly positive" economic growth in the coming quarters. Michal Boni, prime minister's chief adviser, told Reuters earlier today that the government may revise this year's economic growth forecast to zero-0.5 percent from 1.7 percent. Rostowski commented that this forecast "won't be far from the final forecast in the budget plan but it's not a final figure."
Poland's lower overall dependence on exports than others in central Europe helped it withstand the drop in external demand, while the $400 billion economy, the largest of the newest EU members, makes it more diversified, Bujak said.
Exports make up about 40 percent of GDP in Poland, compared with 60 percent in Lithuania and more than 76 percent in the Czech Republic.
The Polish central bank refrained from cutting interest rates this month, leaving the benchmark seven-day reference rate at 3.75 percent on May 27 after the inflation rate rose to 4 percent in April, above the bank's target range.
`Close to Zero'
Retail sales rose an annual 1 percent in the same month, contrasting with a Bloomberg survey forecast for a decline of 0.1 percent.
Polish rate setter Andrzej Slawinski said growth may slow "a little" more in the coming months, while full-year growth will be "close to zero," he said in an interview with private broadcaster TVN CNBC Biznes after the release today. Economic growth may accelerate by as much as 2 percent next year, he said.
Domestic demand fell 1 percent, while investments increased 1.2 percent in the first quarter, the office said. Construction gained 3.4 percent and services were up 3.1 percent in the same period.
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Post by Bonobo on Jun 20, 2009 22:17:30 GMT 1
Poland: A velvet crisis
Polish Market
2009-06-18
Poland is becoming an increasingly significant player on Europe's economic map. This year, that almost 40-million-strong nation in the heart of Europe will exceed Sweden and Belgium in terms of the value of its national product, Polish Deputy Prime Minister and Minister of the Economy Waldemar Pawlak says in an interview for the Polish Information and Foreign Investment Agency.
Paradoxically, Poles were helped by the global economic crisis. The Polish economy has turned out to be more resistant to the recession as well as more calmly and prudently managed than most of the world's developed countries.
Poland is experiencing a velvet crisis. Of course, the slowdown of the spectacular economic growth rate of recent years has been as a cold shower to entrepreneurs, but few other economies are looking forward to any GDP growth in sullen 2009 the way Poland is.
Poles have a right to regard themselves as relative winners in the crisis period. Any country whose consumption is growing, whose financial system is not experiencing tremors and whose economy has been bolstered by a potent injection of EUR100 billion of=2 0structural funds can well regard itself as a winner. Those resources have been activated at the best possible moment to lubricate the economy.
An analysis of the GDP structure of Poland, the Czech Republic, Hungary and Slovakia has shown that Poland is suited to gently experience the current economic crisis mainly because its internal consumption is the chief factor shaping the country's GDP. Compared to neighbouring countries, it is the highest in Poland. Moreover, the foreign-trade index (exports and imports) in relation to GDP is the lowest, and in the present situation considerable downturn, especially of exports, is less felt in Poland.
The stable political and economic situation, as rare as a sunbeam in the midst of polar night, would in itself not be an attraction, were it not for a well-developed system of investor incentives.
The Polish government is not nonchalantly throwing money about to attract investors. However, over the years it has built a set of prudent instruments whose main virtue is that they work.
To accommodate the expectations of investors, last year a new `Investment support system of key significance to Poland's economy' was developed. The solutions it contains are competitive with similar systems functioning in neighbouring countries.
As a result of its active support of investments, in recent years Poland has become a leader in the production of television displays and LCDs and, thanks to significant projects by Asian companies, as well20as of household appliances for the best-known concerns. Aerospace-industry concerns have been setting up their investments in the now well-known Aviation Valley. Also the automotive sector, producing mainly small and medium-sized cars, has been performing successfully in Poland.
Poland has been increasingly obtaining projects from sectors generating the greatest added value such as electronics and aviation. The extremely dynamic growth of modern IT-based services, especially in recent years, has steadily boosted the Polish economy's competitiveness.
Poland is the region's biggest politically and economically stable country, which creates opportunities for successful long-term investment. Poles account for 24 percent of the region's population, and produce nearly 40 percent of its GDP. That is an indicator of the Polish economy's potential.
A crisis always simultaneously creates opportunities and threats.
The Polish government is calmly introducing its Stability and Growth Plan, stepping up its use of resources coming from the EU to limit the results of unrest on financial markets and, above all, is taking great pains to maintain public-spending discipline. One of the reasons for this is to enable investors to discover the difference between Poland and most other European countries.
And to make them see in Poland their opportunity to succeed.
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Post by locopolaco on Jun 22, 2009 17:26:33 GMT 1
Poland: A velvet crisis
Polish Market
2009-06-18
Poland is becoming an increasingly significant player on Europe's economic map. This year, that almost 40-million-strong nation in the heart of Europe will exceed Sweden and Belgium in terms of the value of its national product, Polish Deputy Prime Minister and Minister of the Economy Waldemar Pawlak says in an interview for the Polish Information and Foreign Investment Agency.
yet many poles have made a U turn back to the jolly ol' england.. hmm |
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Post by Bonobo on Jun 22, 2009 18:18:50 GMT 1
Poland: A velvet crisis
Polish Market
2009-06-18
Poland is becoming an increasingly significant player on Europe's economic map. This year, that almost 40-million-strong nation in the heart of Europe will exceed Sweden and Belgium in terms of the value of its national product, Polish Deputy Prime Minister and Minister of the Economy Waldemar Pawlak says in an interview for the Polish Information and Foreign Investment Agency.
yet many poles have made a U turn back to the jolly ol' england.. hmm Don`t you know people? They have a lot but still want more. In 1990 I went to US to earn a lot of money though I had a car, an apartment, a VCR, a minicomputer, a girlfriend, a dog etc etc. ;D ;D ;D ;D ;D |
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Post by locopolaco on Jun 22, 2009 18:43:32 GMT 1
yet many poles have made a U turn back to the jolly ol' england.. hmm Don`t you know people? They have a lot but still want more. In 1990 I went to US to earn a lot of money though I had a car, an apartment, a VCR, a minicomputer, a girlfriend, a dog etc etc. ;D ;D ;D ;D ;D that is correct and i see nothing wrong but i feel saying polish economy is doing well is a bit of an over reach. the only reason it didn't completely fall apart is because of euro 2012 infrastructure requirements which PL is still way behind on. |
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Post by valpomike on Jun 22, 2009 19:43:56 GMT 1
Could it be, Poland has better leaders than we here in the U.S.A. have? I think the people of Poland have second taughts on Obama, they like I now know, that he is no good, for anyone, must of all, us here.
Mike
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Post by locopolaco on Jun 22, 2009 20:30:33 GMT 1
Could it be, Poland has better leaders than we here in the U.S.A. have? I think the people of Poland have second taughts on Obama, they like I now know, that he is no good, for anyone, must of all, us here. Mike Obama is who we got because the repos put up two of the worst candidates in quite some time. and BO isn't bad for this country.. he's fixing the mess left by gw.. that is all |
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Post by valpomike on Jun 23, 2009 2:05:26 GMT 1
You can't fix a problem at home by trowing money at it, most off in pork. And as far as good will goes, who cares, what some of the others, think of us. They will be there, when they need help, again, and again, and we will help them.
Mike
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Post by tufta on Jun 23, 2009 10:43:14 GMT 1
that is correct and i see nothing wrong but i feel saying polish economy is doing well is a bit of an over reach. Poland's economy is still in the green (rising), as the only economy in Europe, right? How then would you call this situation, Loco, if 'doing well' is an exaggeration' ? ;D ;D ;D ;D ;D ;D ;D ;D |
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Post by tufta on Jun 23, 2009 10:46:16 GMT 1
Could it be, Poland has better leaders than we here in the U.S.A. have? Mike Yes, Poland has better leaders than you presently have, that is my sincere and open opinion. This by no means is to say the other choice - McCain, would be or would be not better than your present president. We will never know that. |
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Post by Bonobo on Jul 7, 2009 20:21:07 GMT 1
Don`t you know people? They have a lot but still want more. In 1990 I went to US to earn a lot of money though I had a car, an apartment, a VCR, a minicomputer, a girlfriend, a dog etc etc. ;D ;D ;D ;D ;D that is correct and i see nothing wrong but i feel saying polish economy is doing well is a bit of an over reach. the only reason it didn't completely fall apart is because of euro 2012 infrastructure requirements which PL is still way behind on. No, EURO 2012 has nothing to do with it. Reasons for Poland`s nice coping with the crisis are: 1. Polish banks didn`t lose so much money in bad loans. 2. Economy prospers mainly thanks to internal demand (popyt wewnętrzny), and not export which has already dropped substantially. Polish economy is in quite a good shape but it is still too small to provide sufficient revenue for the state`s needs and high standard for everybody.
Poland one of poorest in EU
thenews.pl
26.06.2009
Poland continues to be one of the poorest EU member states, according to a report by Eurostat.
In Poland, GDP per inhabitant - as expressed by Purchasing Power Standards (reference currency unit that eliminates price level differences between countries) - was 57 percent of the EU average. This outs the country forth from bottom in the Eurostat ratings.
Only Bulgaria on 40 percent below average, Romania on 46 percent and Latvia - which has been severely stricken by financial crisis - on 56 percent are behind Poland.
However, since 2004, the year of Poland's accession to the EU, GDP has increased by 7 percent.
Luxembourg, at 253 percent of the EU average is the richest in the 27 nation bloc, but the result has been distorted by a high number of foreigners who work in the country. Ireland (140 percent), the Netherlands (135 percent) and Austria (123 percent) also took high positions on the list.
In Spain, Italy, Greece and Cyprus GDP per inhabitant was within 5 to 10 percent of the EU average.
Among the countries which entered the EU in 2004 the most affluent are Slovenia (90 percent) and the Czech Republic (80 percent). |
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Post by locopolaco on Jul 7, 2009 20:43:54 GMT 1
that is correct and i see nothing wrong but i feel saying polish economy is doing well is a bit of an over reach. the only reason it didn't completely fall apart is because of euro 2012 infrastructure requirements which PL is still way behind on. No, EURO 2012 has nothing to do with it. Reasons for Poland`s nice coping with the crisis are: 1. Polish banks didn`t lose so much money in bad loans. 2. Economy prospers mainly thanks to internal demand (popyt wewnętrzny), and not export which has already dropped substantially. Polish economy is in quite a good shape but it is still too small to provide sufficient revenue for the state`s needs and high standard for everybody.
Poland one of poorest in EU
thenews.pl
26.06.2009
of course it has as well as the pet project of the EU.. that's where a lot of the money is coming from.. otherwise you'd be looking at huge unemployment.. none of those highway or stadium builders would be in business right now.. this is a huge injection into polish economy that is floating it just above a collapse. |
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Post by Bonobo on Jul 7, 2009 22:20:57 GMT 1
of course it has as well as the pet project of the EU.. that's where a lot of the money is coming from.. otherwise you'd be looking at huge unemployment.. none of those highway or stadium builders would be in business right now.. this is a huge injection into polish economy that is floating it just above a collapse. It is vague what you are talking about. What is pet project? |
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Post by locopolaco on Jul 7, 2009 23:38:35 GMT 1
of course it has as well as the pet project of the EU.. that's where a lot of the money is coming from.. otherwise you'd be looking at huge unemployment.. none of those highway or stadium builders would be in business right now.. this is a huge injection into polish economy that is floating it just above a collapse. It is vague what you are talking about. What is pet project?  |
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Post by Bonobo on Jul 8, 2009 0:16:20 GMT 1
Whatever it is, you are still mistaken about Polish economy. Floating it just above collapse? ;D ;D ;D ;D ;D ;D ;D |
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Post by valpomike on Jul 8, 2009 2:02:07 GMT 1
I think Poland is getting better each day, and the rate of exchange shows it.
I just hope that Poland doe not take on the Euro, and keeps her own. Others, who are in E.U. have kept there own money, and are happy over it.
Mike
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Post by tufta on Jul 8, 2009 21:34:28 GMT 1
Whatever it is, you are still mistaken about Polish economy. Loco - yes you are ;D ;D Just be proud.... ... until we are still in the green  ;D |
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Post by Bonobo on Dec 9, 2010 18:48:07 GMT 1
Should President Obama follow Poland's example in his trial to lead US out of the crisis? ------------------------ The economic situation was not discussed at the meeting. Obama asked President Komorowski: What should I do with those nasty Republicans who are cheeky enough to encroach on my territory? Komorowski`s answer was: Bring in Mr Kaczyński and his henchmen as new Republican leaders. Obama took the advice and cordially thanked the Polish President.   |
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Post by valpomike on Dec 10, 2010 21:33:44 GMT 1
He only wants things his way, and does not care what happens to the USA, since he was not born here, and is a Muslin. He hopes that the USA goes down the tubes, and is working hard to make sure it does.
Mike
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Post by Bonobo on Dec 10, 2010 22:49:01 GMT 1
He hopes that the USA goes down the tubes, and is working hard to make sure it does. Mike Do you really think he is so unpatriotic as to want US to go down to the dogs? Besides, if it does happen, he will lose next elections for sure. He can`t be so foolish, Mike. |
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Post by valpomike on Dec 11, 2010 0:55:36 GMT 1
He is that foolish, and could never be re-elected, most of us hate him. He did nothing, or when he did something it was wrong. I think he is part of a big Muslin plan, to take over the world.
Mike
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Post by Bonobo on Dec 31, 2010 13:10:24 GMT 1
Poland shakes off global recession
Dante Cinque had buyers lined up even before opening Ferrari's first Polish showroom, taking over the Warsaw site formerly occupied by the Communist Party.
"Poland is much better than it's perceived abroad, in every way," Cinque, general manager of Ferrari Warszawa, said in the store in Nowy Swiat St, which opened in October. "I get the feeling in Poland that wealth is being created."
Poland passed the Netherlands last year to become the sixth-biggest economy in the 27-nation European Union, according to exchange-rate adjusted figures from the World Bank.
The country of 38.2 million people was the only one in the EU to avoid a contraction last year, with growth of 1.8 per cent. While most nations struggle to emerge from the worst recession since World War II, the World Bank forecasts growth of 3.5 per cent this year.
Poland's WIG20 blue-chip stock index gained more than 9 per cent to the end of November in dollar terms, compared with 3 per cent for the region's benchmark Stoxx Europe 600 Index. Credit Suisse, Goldman Sachs and Morgan Stanley are expanding in Warsaw as domestic and foreign companies list on the Warsaw Stock Exchange and the Government plans to sell 40 billion zloty ($17.37 billion) of state assets in 2010-2011.
The country's US$430 billion ($560 billion) economy has been propelled by manufacturers of products such as car parts and machinery that are exported by Germany; tax cuts from the beginning of last year that slashed the top personal income tax rate to 32 per cent from 40 per cent; the 9.7 per cent drop in the zloty against the euro since the beginning of 2008, which has helped make Poland's competitive position; and €67 billion ($115.5 billion) of EU grants earmarked through 2013.
"We've built a bastion of growth," Prime Minister Donald Tusk said in a November 16 press conference on the third anniversary of taking up office.
Poland is prepared for a "test of wills", he said, referring to the EU's next seven-year budget, which may pit the bloc's largest aid recipient against British Prime Minister David Cameron, who wants to curb spending to reduce Britain's record budget deficit.
The spread between Polish and German 10-year bonds narrowed on December 16 to a seven-month low of 290 basis points. Costs to insure Polish five-year debt were at 146.500 basis points as of yesterday. That compares with 496.305 for Portuguese credit default swaps, indicating investors are betting that the east European country is less likely to default than the euro member. Fitch Ratings downgraded Portugal's debt rating one level on December 23, saying the economy faced a deteriorating outlook.
Average gross wages have increased by almost a third over the last five years, statistics office data show.
Unemployment was 9.7 per cent in October, according to EU figures, compared with 14.1 per cent in Ireland and 20.7 per cent in Spain. The economy grew at an annual rate of 4.2 per cent in the third quarter, the fastest pace in two years, buoyed by the 9 per cent increase in retail sales in October.
Liebrecht & wooD is helping build Plac Unii, a 550 million-zloty retail and office complex in Warsaw, to capitalise on rising consumer demand. The company is betting that the country will turn economic gain into political clout.
"In 10 to 20 years, Poland will be one of 'the' countries in Europe," said Marc Lebbe, a Warsaw-based managing director at Liebrecht & wooD.
"There's no reason why it shouldn't wield as much power one day as France or Spain or Italy."
Poland's general government deficit has more than quadrupled since 2007, swelling this year to 7.9 per cent of gross domestic product, EU forecasts said.
The Finance Ministry estimates public debt will reach 53.2 per cent of GDP this year compared with 44.8 per cent in 2007.
If the country's public debt rises above 55 per cent of GDP, it would breach the second of three legal thresholds anchored in Polish law, triggering mandatory budget cuts.
Those legal limits, tougher than the EU's, keep bondholders relaxed, even with Poland set to run the EU's sixth-widest budget gap next year, said David Hauner, head of emerging-market economics at Bank of America Merrill Lynch in London.
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