Economic Overview of Poland Economic Term Paper

GDP growth in Poland has been steady throughout the past few years. This is almost entirely based on economic growth as the population has remained essentially the same over the past several years. One of the main precursors for Poland's growth has been in its workforce. It left the communist days with a largely outdated industrial sector, but has swiftly joined the information age due to the quality of its workforce. Literacy is near 100% and Poles receive an amount of schooling that is comparable to other leading Eastern European countries. Moreover, the average amount of education received by Poles is higher amongst younger demographics, which shows that Poland is on par with other developing countries in terms of having an increasingly educated workforce.

Poland's economic base has moved to a majority service-base, with industry representing just 31.7% of the GOP in 2006. Moreover, Poland is a net importer, which could indicate that their wealth is outstripping their ability to produce goods at present.

Inflation has been a success story for Poland in recent years, hovering around the 1-2% mark each year. This has allowed for a degree of economic stability on a par with leading EU nations. Moreover, legal harmonization with the EU has brought their legal system in line with the ideals of free market capitalism.

Among the drawbacks are the indications that Poland has traditionally had an abnormally low rate of savings. Recent indications are that this is starting to improve. Another obstacle to growth is political instability, as democracy has not brought a history of stable government with it. Despite the ever-changing cast, policy itself has remained stable enough so as not to dissuade potential investors, and democracy has become firmly established. Poland also has a small problem with low-level corruption, which is unlike many EU counterparts. If that is not rectified, economic development could be hampered.

Overall, Poland is well-situated to become highly developed in the next fifty years.The country's move towards a service economy bodes well. It plays to the strength, which is the literate and highly-educated population. It also moves the country away from areas of weakness, which include a lack of natural resources and inadequate fuel supplies to last beyond a generation. Poland is not set up to be the industrial powerhouse that the communists had hoped it would be.

With stable GDP growth, low inflation, an educated workforce and a move towards adopting the Euro, it seems almost certain that Poland will become a highly-developed country in the next fifty There is nothing to indicate that their current progress will be delayed - they have some reasons for optimism but have few reasons for pessimism.

The negative indicators are all improving and will in all likelihood match those of other EU nations as the coming decades progress.

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