“The progress of this country is unprecedented in European comparison,” writes the German newspaper “Handelsblatt” about the development of the Polish economy.
German journalist Daniel Stelter is critical of the idea that Italian Mario Draghi is responsible for developing economic reforms in the EU. According to Stelter, Draghi’s idea will be based on EU loans and debts, which could lead to results opposite to those intended.
“There are legitimate doubts about the effectiveness of the continuously growing debt,” Stelter writes, adding that countries like Poland, which have high economic growth, and no debt, are successful.
“If we look at the development of EU countries over the last twenty years, it must be said that in terms of GDP per capita, no country performs as poorly as Italy. Conversely, some other countries have developed exceptionally well, especially Ireland and Poland. ”, we read “Handelsblatt”.
Stelter cites calculations by the Institute for German Economics, which show that GDP per capita in Poland increased three and a half times in the years 1991-2022. At the same time in Germany only by 50 percent. “This country’s progress is unprecedented in European comparison,” the German commentator added.
“Our eastern neighbor is currently ahead of us on almost all indicators and one can only wonder whether it will take a long time before Poland overtakes Germany in terms of gross domestic product per capita,” we read in the Handelsblatt.
OECD: Poland leads in GDP growth
Poland recorded the strongest GDP growth of all OECD countries in the third quarter of this year.
According to preliminary estimates, OECD gross domestic product (GDP) grew by 0.5% in the third quarter of 2023, the same pace as in the previous quarter of this year.
In the G7 countries, GDP growth in the third quarter was 0.6%, which means an improvement in the situation; in the second quarter this was 0.4%. This was due to the significant acceleration of GDP growth in the United States (1.2% in the third quarter compared to 0.5% in the second quarter). The remaining G7 countries recorded zero, near-zero or negative growth in the third quarter: there was zero growth in Canada, Italy and the United Kingdom; amounted to 0.1 percent in France and negative in Japan and Germany (-0.5% and -0.1% respectively).
Of the other OECD countries, Poland and Costa Rica recorded the strongest GDP growth in the third quarter (1.4% and 1.3% respectively), followed by Hungary and Mexico (0.9% each). In turn, GDP fell most in Ireland (-1.8%), followed by Finland (-0.9%).
Source: Do Rzeczy
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
