Morgan Stanley commends Poland's economic preparation for EU accession

According to a report by investment bank Morgan Stanley Dean Witter, Poland, Hungary and the Czech Republic are much better prepared for accession to the European Union (EU) than were Spain, Portugal and Ireland during their candidate periods. The bank's analysts assert that the process of enlarging the EU now requires only political will. The candidate countries have been praised for their relatively high levels of exports, which stand at 49% of GDP for Poland and 74% of GDP in the Czech Republic. Credit is also given for the speed with which these countries have adapted their Soviet-style trade legislation to the norms of the EU. These countries have also done a commendable job in restructuring and privatizing their industry in full consideration of the requirements of EU law. Poland has been particularly praised for its pension reform, a process which many EU members have not yet begun. Morgan Stanley assesses Poland's long-term GDP growth at an average 6%, and the rate for the Czech Republic and Hungary at 5%.(Gazeta Wyborcza, p.21)