note: adopted 1927; the anthem, commonly known as "Jeszcze Polska nie zginela" (Poland Has Not Yet Perished), was written in 1797; the lyrics resonate strongly with Poles because they reflect the numerous occasions in which the nation's lands have been occupied
Economy ::Poland
Economy - overview:
Poland has pursued a policy of economic liberalization since 1990 and today stands out as a success story among transition economies. Before 2009, GDP had grown about 5% annually, based on rising private consumption, a jump in corporate investment, and EU funds inflows. GDP per capita is still much below the EU average, but is similar to that of the three Baltic states. Since 2004, EU membership and access to EU structural funds have provided a major boost to the economy. Unemployment fell rapidly to 6.4% in October 2008, but climbed back to 11.8% for the year 2010, exceeding the EU average by more than 2%. In 2008 inflation reached 4.2%, more than the upper limit of the National Bank of Poland's target range, but fell to 2.4% in 2010 due to global economic slowdown. Poland's economic performance could improve over the longer term if the country addresses some of the remaining deficiencies in its road and rail infrastructure and its business environment. An inefficient commercial court system, a rigid labor code, bureaucratic red tape, burdensome tax system, and persistent low-level corruption keep the private sector from performing up to its full potential. Rising demands to fund health care, education, and the state pension system caused the public sector budget deficit to rise to 7.9% of GDP in 2010. The PO/PSL coalition government, which came to power in November 2007, plans to reduce the budget deficit in 2011 and has also announced its intention to enact business-friendly reforms, increase workforce participation, reduce public sector spending growth, lower taxes, and accelerate privatization. The government, however, has moved slowly on major reforms. The legislature passed a law significantly limiting early retirement benefits. A health-care bill also passed through the legislature, but the legislature failed to overturn a presidential veto.
GDP (purchasing power parity):
$721.7 billion (2010 est.) country comparison to the world: 21 $698.6 billion (2009 est.)
$687 billion (2008 est.)
note: data are in 2010 US dollars
GDP (official exchange rate):
$438.9 billion (2010 est.)