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Case #2: Poland's Economy
Transcript of Case #2: Poland's Economy
With the Good, Comes the Bad
Strides in the Right Direction
World's Financial Crisis
1. How was Poland able to avoid the worst effects of the economic crisis that gripped most of Europe during 2008–2009?
2. What lessons can be derived from the Polish experience during 2008–2009?
3. From the perspective of international business, what is attractive about the Polish economy? What are the weaknesses and risks associated with doing business there?
4. Even though Poland has been committed to liberalizing its economy since the collapse of communism in 1989, significant vestiges of the old system still remain. Why do you think it has taken Poland so long to transform its economic, political, and legal system
Steps being taken to simplify tax laws, reduce rates, and make running a business easier
Migrant workers returning from Western Europe
Poland elected first democratic government in over 40 years
In 2008-2009 the world was enduring a financial crisis
Poland's Government was seen as being "very conservative"
How Did They Do it?
Case #2: Poland's Economy
By: Daniel Hayden
World Real-Estate Market fell dramatically
Banks all over the world were shutting down and merging together
Had as big an effect in Europe as it did in America
As most of the world struggled, Poland was on the uprise
Poland's economy grew by 1.5 % in 2009, while every other EU country did not
Between 2009 and 2012 their economy grew at a rate of 3.4% on average, highest in all of Europe
Joined the European Union (EU)
Poland achieved highest sustained growth in the region
This ensured there was no large outflow of funds during the global crisis
Due to a tight monetary squeeze in early 2000's, asset prices surged
In 2009 started "Cash for Clunkers" Program
Tax System seen as very confusing and "old-school"
Ranked 151 out of 183 countries surveyed
Hard to do business
62nd easiest country to do business in
Still haven't fully transitioned to a market economy
2009: Entrepreneurship Law passed, eliminating some of the hurdles of starting a business
Privatization of state-owned enterprises that accounted for 0.6% of GDP in 2009, and 2.5% of GDP in 2010
Highly Increased Military Spending
"Such an army will make people understand they can't raise their hand against us. This is really important" (Andrzej Duda, President)
Switch to Free-Market gets attention of FDI
Diversification of Managers
Increase in asset value helps appeal to FDI as well
Migrant laws and guidelines established
New laws and leaders helped to ensure Poland could avoid suffering during Global Crisis
Day, M. (2015, August 18). Poland ramps up defence spending. Retrieved September 13, 2015, from http://www.scotsman.com/news/world/poland-ramps-up-defence-spending-1-3861136
De Madellena, I. (2015, September 13). Female Entrepreneurship Thrives in Poland - The Globalist. Retrieved September 13, 2015, from http://www.theglobalist.com/female-entrepreneurship-thrives-in-poland/
Goettig, M. (2015, September 13). Poland sets conditions for accepting more migrants. Retrieved September 13, 2015, from http://news.yahoo.com/poland-sets-conditions-accepting-more-migrants-165630526.html
And the Textbook of course!