ISMR November 2021 - Page 26

MADE IN POLAND

We highlight opportunities and challenges in Poland for sheet metal manufacturers .
“ Poland ’ s GDP is projected to recover by 3.7 % in 2021 and to grow by 4.7 % in 2022 .”

Poland is an important and dynamic market in the heart of Central Europe . Investors are drawn to Poland due to the country ’ s large population , well-educated and competitive workforce , strong prospects for economic growth and location , which

affords broader access to the European Union market of 500 million .
According to the International Monetary Fund ( IMF ), Poland entered the pandemic with substantial fiscal buffers , which enabled a strong fiscal response to the crisis . Key policy actions have focused on preserving jobs and incomes through wage subsidies and benefits for self-employed and unemployed workers and partially forgivable loans for companies . The implementation of these measures , it said , has generally been ‘ frontloaded and robust ’.
Poland has been a member of the European Union since 1 May 2004 under the Accession Treaty signed in Athens on 16 April 2003 . Its adoption of EU legislation has led to economic reforms that have improved the environment for business and boosted economic growth .
Economy in focus
“ With an estimated 2020 GDP of US $ 594.2 billion , Poland is the EU ’ s tenth largest economy ( 6th by PPP ). According to the World Bank , its well-diversified economy is among Europe ’ s least affected by the COVID-19 pandemic . Nevertheless , GDP declined by 2.7 per cent in 2020 , the first output contraction in more than 20 years . Growing exports , household consumption , low unemployment , rising wages and EU fund spending are the driving forces fuelling the country ’ s strong economic performance ,” commented the US ’ s International Trade Administration .
“ In addition , infrastructure spending and capital investment ( with EU support ) have contributed to growth . The EU budget for 2021-2027 provides US $ 164.3 billion in subsidies and US $ 40.3 billion in repayable aid for Poland ( in current prices ), thereby making Poland the biggest net EU fund beneficiary among all the member states . Poland ’ s exports were valued at US $ 251.8 billion , and imports were valued at US $ 246.6 billion in 2020 . Its chief export markets are Germany 27 %,
Poland entered the pandemic with substantial fiscal buffers , which enabled a strong fiscal response to the crisis
26 | sheetmetalplus . com | ISMR November 2021