The Economy of Poland
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Poland today stands out as one of the most successful and open transition economies. The privatization of small and medium state-owned companies and a liberal law on establishing new firms marked the rapid development of a private sector now responsible for 70% of economic activity. In contrast to the vibrant expansion of private non-farm activity, the large agriculture component remains handicapped by structural problems, surplus labor, inefficient small farms, and lack of investment. The government's determination to enter the European Union as soon as possible affects most aspects of its economic policies. Improving Poland's worsening current account deficit and tightening monetary policy, now focused on inflation targeting, also are priorities. Warsaw continues to hold the budget deficit to around 2% of gross domestic product. Structural reforms advanced in pensions, health care, and public administration in 1999, but resulted in larger than anticipated fiscal pressures. Further progress on public finance depends mainly on privatization of Poland's remaining state sector. Restructuring and privatization of "sensitive sectors" (e.g., coal and steel) has begun, but work remains to be done. Growth in 2000 should be moderately above 1999.Agriculture employs 28.4% of the work force but contributes only 3.4% to the gross domestic product (GDP), reflecting relatively low productivity. Unlike the industrial sector, Poland's agricultural sector remaine
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nstruction. The communist economic system imposed in the late 1940s created large and unwieldy economic structures operated under a tight central command. In part because of this systemic rigidity, the economy performed poorly even in comparison with other economies in central Europe.
In 1990, the Mazowiecki government began a comprehensive reform program to replace the centralized command economy with a market-oriented system. While the results overall have been impressive, many large state-owned industrial enterprises, particularly the railroad and the mining, steel, and defense sectors, have remained resistant to the change and downsizing required to survive in an open market economy.
Economic Reform Program
The economic reforms introduced in 1990 removed price controls, eliminated most subsidies to industry, opened markets to international competition, and imposed strict budgetary and monetary discipline. Poland was the first former centrally planned economy in central Europe to end its recession and return to growth in the early 1990s. Since 1992, the Polish economy has enjoyed an accelerated recovery, although growth has recently slowed. The private sector now accounts for over two-thirds of GDP.
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Approximate Word count = 1427
Approximate Pages = 6 (250 words per page)
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