Jeffrey Sachs: Poland should focus on innovation

Jeffrey D. Sachs - World Economic Forum on East Asia 2011/wikimedia

Jeffrey Sachs, an adviser during Poland’s economic transformation said at this year’s European Forum for New Ideas that Poland has a strong economy whose efforts should be invested in the development of new technologies and innovations, the Polish Press Agency reported.

“The Polish economy remains strong. It successfully survived the financial crisis in 2008 and it did better later, when there was a recession in Europe. At that time, Poland had good results and economic growth,” Sachs told the media at a briefing.

“Poland should focus on competitiveness, which is achievable through technologies and innovation, because it is difficult for it [Poland] to compete with cheap labor force,” Sachs pointed out, adding that such a direction may help integrate with German and Scandinavian economies.

Moreover, Sachs believed that Poland should increase R&D expenditures to 2 percent of GDP (currently, it stands at some 0.9 percent of GDP).

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