Poland joins top 20 countries with trillion-dollar GDP

Poland has become the first country from the former Soviet Union to reach this economic milestone. According to the country's Prime Minister Donald Tusk, the country's success is due to its long-term and consistent economic policy, which has transformed Poland from a zone of Soviet influence into one of the economic cores of the European Union.

The structure of the Polish economy - what drives growth

Today, the total volume of the Polish economy exceeds 1 trillion US dollars. The largest part of the country's economy - $ 465 billion - comes from the service sector.

The service sector includes tourism, finance, IT and retail trade. Industry and energy are strong links - with a value of about $ 243 billion. The steel, energy and construction sectors stand out in particular, which ensure the country's industrial development.

Poland is also a leading player in the production of automobiles and electrical equipment, with a total value of $136 billion. The country is home to factories of such international brands as Volkswagen, Fiat and IKEA.

Agriculture accounts for only 2.4% of Poland’s GDP, although there are clear directions here – growing wheat and potatoes, as well as pork and dairy production.

A history that began in 1989

Poland’s economic transformation began in 1989, when the Solidarity movement effectively legitimized the communist regime by winning semi-free elections. It was then that the transition period began, within the framework of which one of the most ambitious reforms was announced – the so-called “Balcerowicz Plan”.

It was about rapid and radical liberalization of the economy: prices were lowered, privatization of state property began, and a strict monetary policy was implemented. This process took place against a difficult social background - unemployment increased and production decreased, but as a result the country found itself on a solid platform of a market economy.

Integration into the European Union - a turning point

Poland took steps towards joining the European Union in the 1990s and received candidate status in 1994. After ten years of preparation, the country became a full member of the European Union in 2004.

It was precisely integration into the European Union that gave Poland a significant impetus for economic growth - after accession, the country received €170 billion in financial assistance. The funds were directed to infrastructure, innovation, and technological development. At the same time, the country managed to weather the 2009 global recession virtually painlessly and maintain positive growth.

Info: bm.ge