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Poland has a population of 38 million people. The country belongs to the high-income category of countries. It has been a EU member since 2004, but Poland remains outside the Eurozone.

Poland has pursued a policy of economic liberalisation since 1990 and is now considered to be an example of the success of “shock therapy reforms”. The country has increased its manufacturing base during recent decades, and accounted for 4.5% of Europe’s manufacturing output in 2020 (up from 2.2% in 2004). After a limited recession in 2020, growth has recovered to 5.2% in 2021 as a result strong exports growth and manufacturing specialization. The deep domestic market and strong leeway to ease the policy mix are key strengths, resulting mainly from fiscal measures and the central bank’s large asset purchase program. The latter largely reduced government’s residual needs.

In the longer term, demographics, labour supply shortages, and cost pressures may limit the GDP growth potential, but have not undermined overall competitiveness during the last years as a result of strong productivity gains. Attempts at political and judicial reforms performed by the government (in power since 2015) are considered to be harmful to democratic checks and balances and are a serious bone of contention with Brussels.