War in Ukraine puts pressure on Polish economyThe transition of Poland in the last three decades is considered a development success story. The country moved from middle to high income status in less than 15 years, entering the group of high-income countries in the mid-2000s. The economy expanded rapidly with growth rates of 4 to 5 per cent per year, job and income growth were broad-based, and prosperity was shared. While in the early 1990s, per capita income was 38 per cent of the EU average, it now reaches 76 per cent.
Labour markets benefited from these developments and experienced an impressive turnaround. While unemployment was still at 20 per cent in 2000, the country has currently one of the lowest unemployment rates in Europe at 3 per cent, while the employment rate is slightly higher than the EU average (74 per cent vs 72 per cent). Continue reading
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