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The Warsaw Voice » Business » March 27, 2014
Business & Economy
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Optimism and Worries
March 27, 2014   
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Polish businesses are filled with optimism this spring. According to a Randstad/TNS survey, more than 36 percent of companies polled expect the economic situation in the country to improve in the next six months. The number of firms expecting the economy to improve is the highest since 2010. At the same time, only one in 10 executives surveyed describe the financial condition of their company as bad or very bad. Hopefully, the optimism of employers will translate into more jobs and higher wages.

This optimism among businesses is reflected in their readiness to invest. The Polish Information and Foreign Investment Agency says it is handling about 20 projects more than a year ago. Investors using the agency’s services say they plan to create more jobs. They believe that Poland’s biggest strengths as an investment destination are the availability of qualified staff and of materials and supplies, economic and political stability, and proximity to other EU markets.

Recent macroeconomic data appears to confirm that the Polish economy is in good shape. According to preliminary statistics from the Central Statistical Office (GUS), industrial production in January was 4.1 percent higher than in January last year, and Polish goods exports, at 12.9 billion euros, were 5.7 percent higher than a year earlier.

However, there are also worries. The Polish economy will be affected by what happens across its eastern border. While the conflict in Ukraine has not undermined the positive forecasts for the global economy so far, Poland is more exposed. And it’s not so much because Poland’s trade with Ukraine may suffer —Ukraine accounted for only about 1.5 percent of Poland’s overall foreign trade last year. The real problem is Poland’s trade with Russia, which is a far more important business partner for Poland and a major buyer of Polish manufactured goods and food.
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