Bloomberg Businessweek: „How Poland Became Europe’s Most Dynamic Economy”

Are you wondering whether Poland is a good place to outsource your IT projects? Perhaps it will be easier for you to take the decision if you get a closer view of this country. Over the last 20 years much has changed here. It still has plenty of high skilled and cost-efficient programmers, but now it seems to also have the most dynamic economy in the EU, according to Bloomberg Businesweek.

Stephan Farris, a contributor to Bloomberg Businessweek, in his recent article on Poland points out that this country can be indicated as the one that coped best with the impact of the 2008 financial crisis among all European countries. With much of Europe still struggling to recover from it, Poland stands out as an unlikely island of economic success, a place where companies and individuals plan for growth rather than decline. In 2009, when the gross domestic product of the European Union contracted by 4.5 percent, Poland was the only country in the union to see its economy grow, by 1.6 percent. The EU economy as a whole remains smaller than it was at the beginning of 2009 and isn’t expected to recover its losses until the end of next year. In that same period, Poland is projected to enjoy a cumulative growth of more than 16 percent.

There are various reasons why Poland suddenly finded itself in a position of envy. It has a large internal economy, a business-friendly political class, and the hypercharged potential of a developing country catching up with its western peers. Since the fall of the Iron Curtain, Poland has refashioned itself as a model of free-market economics. From 1989 to 2007 its economy grew 177 percent, outpacing its Central and Eastern European neighbors – the result of a series of aggressive measures taken by the government after the collapse of communism.

All these helped Poland very much in the hard times of crisis, but the story of the Polish miracle is not only a testament to the importance of prudent policymaking. It’s just as much about luck.

Read more on it at the Bloomberg Businessweek.