Poland is the 25th largest market in the world with regards to population, one of the biggest EU member states, the 6th most populated country in the European Union and the biggest market in the region of Central and Eastern Europe with regards to GDP. The Polish market is not only large and varied but it is much more dynamic than other markets in the region. Poland’s position is being strengthened year after year by rapid economic growth and the subsequent increases in rates of pay.
According to the European Commission data for 2015 Poland was one of the fastest growing countries in the EU. Only Ireland, Luxembourg, Malta, Czech Republic, Romania and Sweden recorded higher rates of GDP growth. While on average the size of GDP in the EU increased by 2.0% in 2015, the Polish economy grew by 3.6%. According to the Spring 2016 forecast by the European Commission, GDP growth in Poland is expected to accelerate to 3.6% in 2017. This figure is far above the growth forecasts for the EU as a whole, which is expected to grow by only 1.9% in 2017.
Fiscal prudence and keeping the economy growing in recent years have also enabled the Polish government to keep the level of public debt within reasonable limits – in 2015 the consolidated public debt of Poland amounted to 51.3% of GDP while for EU28 countries it reached 86.8%. It is a positive change when compared to 56% in 2013. It means that Poland has successfully passed the tests that all European economies have been recently subject to.
Poland enjoys a good competitive position and high attractiveness as a production site. Producers have unlimited access to the whole European market and they enjoy access to quickly improving infrastructure. The cost of labour, although gradually increasing, is still low and represents only a fraction of Western European levels, but the quality and consequently the productivity of Polish workers is constantly improving, making it one of the most competitive countries in Europe.
According to the E&Y Attractiveness Survey Europe 2016, Poland is ranked 7th in Europe in terms of number of FDI projects (with a 60% increase compared to 2014) and the first one in Central and Eastern Europe. The report highlighted the fact that in 2015, foreign direct investments (FDI) have created 27% more new jobs than the year before. The sheer number of new jobs (19,651) ranks Poland second on the continent after the United Kingdom (42,336)) and before Germany (17,126).
Source: “Why Poland?”, PAIIZ