Impact of Financial Crisis on Polish Economy - 1666 Words

Impact of Financial Crisis on Polish Economy How did financial crisis affect the Polish economy? Poland was a communist country, which faced major challenges for its independence and sovereignty. These challenges made the economic condition of the country poor. Communist era ended in 1990 and the rule of democracy began in the country. Since then, it has followed a policy of economic liberalization and today it stands as an example of success story of developing countries. Central intelligence Agency (CIA, 2012) acknowledges the economic success of the country by saying A shock therapy program during the early 1990s enabled the country to transform its economy into one of the most robust in Central Europe. Moreover, membership of European Union (EU) has also helped the country to improve its economic condition substantially. During the global financial recession when all the economies of the world were badly hit, Poland continued to grow. According to (United Nations Statistics, 2012) it was the only European country, which despite economic recession continued to record a growth rate of 1.7% in 2009. This was the period of enormous success for the country; it enjoyed and celebrated its success. This achievement made Poland prominent on the pages of global economy. Donald Tusk-the Prime Minister of Poland with regards to the economic success of Poland said (Global Post): During this year, when I was visiting other capitals, everywhere I would see envy in theShow MoreRelatedPost-Communist Transition Economies Touched by the Euro Zone Crisis1360 Words   |  6 PagesThe focus of this paper is on post communist transition economies touched by the Euro Zone crisis. The negative influence it has made to economic dynamics was felt by everyone living in Central and Eastern Europe. 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Discuss This Statement Using Examples from Two Sectors.4254 Words   |  18 Pagesthat industries are undergoing to cater to ethical and migration related requirement s of the consumers. Design and Approach – The paper identifies trends, transformations and practises that are followed in two industries the Food Industry and the Financial Industry. Data and ideas from leading journals and papers are cited to substantiate the drivers behind these transformations and to link how these transformations have come about as a result of the opportunities brought about by cultural differencesRead MoreThe Responses of the International Monetary Fund and the World Bank to the Present Debt Crisis3818 Words   |  15 Pagesï » ¿ IMF World Bank During the Debt Crisis Introduction This paper delves into the responses of the International Monetary Fund and the World Bank to the present debt crisis that is harming economies in many places internationally. The key to solving financial crises is not just the influx of money, but solutions also require cooperation between nations and funding agencies like the IMF and the World Bank. The International Monetary Fund (IMF) seeks to †¦foster global growth and economicRead MoreFixed vs Floating Interest Rate2178 Words   |  9 Pagesgovernment stimulates excess demand and in order to gain popularity just before elections it affects balance of payments and will be forced to use capital reserves to restore equilibrium. Disadvantages of fixed exchange rate. Influence on business and economy. An international economic downturn or foreign competition increase can cause the country export decrease and thus create a balance of payments deficit. Without currency rate change the government or the central bank of can be forced to increase