World Bank praises Poland's economic growth

According to the report on Poland, published by the World Bank, Polish economy has accomplished great things over the last twenty-something years. World Bank praised Poland for continuous growth since the fall of communism, averaging 4 percent average GDP growth per annum and moving from middle to high-income status in less than 15 years. “The economy expanded rapidly: two-parts perspiration (investment) and one-part inspiration (innovation). And prosperity was shared. Jobs and income growth were broad-based, and lagging regions have been catching up. Throughout these changes, the income inequality coefficient—the Gini—did not increase. Poland has one of the lowest Gini coefficients among countries that have become high-income since 2000,” the report stated. According to the report, the country owes much of its economic success to reforms. “Poland got the institutions right, namely the rule of law, property rights, democratic accountability, and basic market institutions. It then used EU accession and membership to reinforce them.” Still, despite the huge efforts, Polish economy continues to be challenged, even though the country now faces different problems than 25 years ago. “Demands for better governance are growing sharply due to perceptions of widespread corruption in government and poor functioning of the judicial system. Poland’s workforce is aging. Wages have been growing relatively slowly despite persistent economic growth. Job insecurity has increased since the global crisis, with Poland having the highest share in Europe of temporary jobs, so-called “junk” contracts. And throughout a period of profound economic change, overall social assistance has been low and mostly limited to poverty-targeted programs.”