By Domen Mezeg (Nova24tv)
Poland is making rapid economic progress. In less than ten years, it could overtake even a strong Italian economy. It is not significantly affected by crises, and it comes out even stronger after each one of them, thus reducing the gap with the developed West of Europe. This is due, among other things, to a dynamic, adaptable and extremely hard-working population. In terms of diligence, only South Koreans are better positioned in the Western capitalist system. At the same time, Poland is greatly increasing its gold reserves and intends to invest more intensively in military capabilities. It is also planning extensive changes in the energy field. With this, despite the disapproval of some in the West, it is becoming a regional power that will have to be relied on more and more.
The director of the Polish National Bank (PNB), Adam Glapiński, told the public that Poland could overtake Italy in less than ten years, in terms of economic power. Namely, Poland leaves behind every economic crisis stronger, which is especially feared by some in the West. According to Director Glapiński, their country is rapidly approaching the European West in terms of development. It is leaving every crisis with almost no losses or no losses at all, and as a result, it is reducing the gap between itself and the economically damaged leading European countries. He added that they were overtaking more and more countries, which were falling into increasing chaos, such as Portugal and Greece, and that they will soon caught up to Spain as well, Remix News reports.
There are certainly several reasons for the Polish economic miracle. Among them, it is worth mentioning the Poles themselves, who are dynamic and long for material success. Another important reason is hard work. The data show that Poles are the second most industrious nation in the system of Western capitalism, just behind South Koreans. Other factors include: the high level of education of the majority of Poles, the structure of the Polish economy, the good adaptability of the Polish workforce, the large internal market, the accessibility of the European market, and the geographical location. Poland’s public finances are also in very good shape, despite €43 billion in spending to help businesses during the epidemic. Also, public debt does not exceed 60 percent of GDP and is 30 percentage points lower than the EU average. Moreover, the fact that the unemployment rate in Poland is the lowest in the EU and amounts to only 3.1 percent is of particular importance.
He also stated that after 2015, under the rule of the United Right, Poland and Poles have made a big step forward when it comes to income levels, unemployment, and living standards. Even during the pandemic, wages in Poland rose by 5 percent. Glapiński also pointed to the positive activity of the Polish central bank, which helped prevent panic immediately after the onset of the pandemic crisis. An important measure was to provide access to cash to all those who had bank accounts but were in no hurry to introduce non-cash operations, like some other European countries, for example Sweden.
Poland is rapidly increasing its gold reserves and military capabilities
Another thing is the dynamic growth of Polish foreign exchange reserves, which amounted to almost 135 billion euros by the end of 2021, which is a 16% increase compared to 2020. Glapiński also said that PNB had increased its Polish gold reserves by 50 percent during his tenure, and that it intends to buy at least another 100 tonnes of gold for storage in Poland. He added that due to the inclusion of Poland among the highly developed countries, it now lends to the International Monetary Fund, and the World Bank expects Poland to increase its financial investment in this international organisation.
And in the future, energy transformation will be important. Namely, they have an agreement with the United States to build six new nuclear complexes in the next 20 years. At the same time, Poland will have to gain faster military defence and invest more intensively in military capabilities through the rapid purchase of state-of-the-art equipment, as Polish military equipment is currently disproportionately poor compared to the economic potential of this Central European country. That is why Poland has great potential to become an important power, which the West is well aware of. Some are extremely disturbed by the fact that it does not want to only be a mere suppliers of cheap labour.
