World Bank: Poland Became a High-Income Country Faster Than Any Other State

World Bank released an economic growth report which reflects Poland on top as the high-income country in the EU. In their Growing United: Upgrading Europe’s Convergence Machine report, World Bank experts Cristobal Ridao-Cano and Christian Bodewig reflect on how the 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 country status.

Poland has been set out as an example of a Member State experiencing one of the highest growth rates. “Poland has leaped from middle-income to high-income country status faster than any other country apart from South Korea”, the researchers say.

What is the Importance of Poland as a High-Income Country:

Through the accession to the European Union, the new Member States from the Eastern and Southeastern parts 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 performance and estimate the potential of individual countries 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 emphasizes 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.

Implications for Banking and Business

Developments in the Polish banking sector affect businesses operating in the country in several ways. Access to corporate banking services, credit availability, deposit rates, and payment infrastructure are all critical factors for companies — whether established Polish firms or foreign-owned entities entering the market.

For foreign entrepreneurs setting up operations in Poland, choosing the right banking partner is a strategic decision. Major Polish banks including mBank, ING Bank Śląski, Bank Millennium, PKO BP, and Santander Poland offer varying levels of service for international clients, including English-language online banking, multicurrency accounts, and dedicated relationship managers for corporate clients.

The Polish banking market is well-regulated by the KNF (Financial Supervision Authority) and participates in the EU deposit guarantee scheme (BFG — Bank Guarantee Fund), providing deposit protection up to EUR 100,000 per depositor per institution. This regulatory framework provides stability and confidence for businesses maintaining corporate funds in Polish banks.

If you are doing business in Poland or considering entering the Polish market, Zalewski Consulting can help. Learn more about our corporate tax advisory, or contact us for a free consultation.