Economy of Poland

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The Economy of Poland is a high income economy[4] and is the sixth largest in the EU and one of the fastest growing economies in Central Europe, with an yearly growth rate of over 6.0% before the late-2000s recession.[5] It is the only member country of the European Union to have avoided a decline in GDP, meaning that in 2009 Poland has created the most GDP growth in the EU.[6] As of December 2009 the Polish economy had not entered recession nor contracted, while its IMF 2010 GDP growth forecast of 1.9 per cent is expected to be upgraded.

The polish state has steadfastly pursued a policy of economic liberalization throughout the 1990s, with positive results for economic growth but negative results for some sectors of the population[citation needed]. The privatization of small and medium state-owned companies and a liberal law on establishing new firms has encouraged the development of the private business sector, which has been the main drive for Poland's economic growth. The agricultural sector remains handicapped by structural problems, surplus labor, inefficient small farms, and a lack of investment. Restructuring and privatization of "sensitive sectors" (e.g., coal), has also been slow, but recent foreign investments in energy and steel have begun to turn the tide. Recent reforms in health care, education, the pension system, and state administration have resulted in larger than expected fiscal pressures. Improving this account deficit and tightening monetary policy, with focus on inflation, are priorities for the Polish government. Further progress in public finance depends mainly on privatization of Poland's remaining state sectors[citation needed], the reduction of state employment, and an overhaul of the tax code to incorporate farmers, who currently pay significantly lower taxes than other people with similar income levels. Despite some continued systematic problems, Poland has made a large economic progress over the last decade, and now is ranked 21st worldwide in terms of the GDP.[7] The largest component of its economy is the service sector.

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