World Bank: Poland became a high-income country faster than any other state
In their Growing United: Upgrading Europe’s Convergence Machine report, World Bank experts Cristobal Ridao-Cano and Christian Bodewig reflect on how European Union had a huge impact on member states’ economic growth and Eastern European states transitioning their status from the category of low- to high-income. Poland has been set out as an example of a Member State experiencing one of the highest growth rates. “Poland has leapt from middle-income to high-income status faster than any other country apart from South Korea”, the researchers say.
Through the accession to the European Union, the new Member States from the Eastern and Southeastern part of the continent who entered the EU community a few years ago, managed to fuel their economic growth and increase the standard of living of their citizens. Despite the recent economic slowdown that affected a majority of European economies, “the convergence machine is back in full swing in Central and Southeast Europe (CEE), where all countries are continuing to catch up in living standards with EU averages”, the report says.
The authors of the report look into the future of the EU and its economic performace and estimate the potential of individual counties to grow. Taking into account opportunities for firms as well as opportunities for people, they determine each country’s place on the opportunity map. Poland fell into the category of “high inclusive growth potential” among such European economic powerhouses as Germany, Sweden, Denmark and the United Kingdom. This means that the country emphasises both opportunities for companies and individuals.
On another note, according to the World Bank, Poland still remains a low-income region, where GDP per capita is less than 50 percent of the EU average and there still exists a risk of it becoming a low-growth area.