Polish President Andrzezi Duda will join the morning with Maria at the World Economic Forum in Davos, Switzerland, to discuss President Trump’s impact on the world economy.
Despite being part of the slowdown of the European Union, nothing seems to be in the way of Poland moving from strength to strength. There are multiple reasons for many aspects, including the country’s prominent defence spending and the conservative Donald Trump-like approach to illegal immigration.
Later last month, Poland’s economy was estimated to have risen 2.9% last year, according to the country’s statue. Its performance will more than triple the single currency area of ​​Europe, also known as the eurozone. They kicked out just 0.7% in the same period.
Poland’s growth also surpassed the US, reaching a robust 2.5% in the 12 months leading up to December.
“We’ve seen the boom for the last year or two,” Mateusz Urban, a senior economist at Oxford Economics in Warsaw, Poland, told Fox Business. “There are really European tigers at the doors of Germany.”
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Consumers will walk through a shopping centre in Warsaw, the Polish capital, on July 4, 2024. (Dominika Zarzycka/Nurphoto via Getty Images)
This is not a one-off event. By 2024, Poland’s economy had grown 11 times as much as 1986. This was significantly outperforming the US, which six times the economy at the same time, according to data from trading economics.
Urban says that much of Poland’s rapid growth had to do with unlocking human capital after the collapse of the Soviet Union. During decades of Soviet regulations, the government has dedicated many efforts to educate people in mathematics, science and engineering, and the continued impact of those universities and schools is still highly regarded.
“These types of institutions have a long-term heritage,” Urban said. “Since 1989, Poland has inherited a very well-organized system that was able to produce many experts in mechanical engineering and information technology.”
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According to the Mordor Intelligence Research Company, the country focused on science, technology, engineering and mathematics will build an impressive high-tech sector estimated to be worth $32 billion, or 4.5% this year. It was helpful for.
“He’s extremely hardworking and cheaper to hire than the people in the UK,” said Elias Haddad, a senior market strategist with the Brown Brothers Harriman of London.
Another factor in Poland was the appointment of EU veteran Donald Tass as prime minister in December 2023. Before him, Polish law and the Judiciary Party, led by Mateus Jakub Morawiekki, had been approved by the European Commission (EC). The belief that Polish judiciary is not independent from the government.
“The party didn’t follow some of the EU rules,” Haddad said.
Poland white and red flag and European Union flag of Brandenburg. (Patrick Pleul / Picture Alliance by Getty Images / Getty Images)
As a result, the EC has retarded EU funding aimed at supporting Poland. But now Tusk is firmly on the hot seat, and all EU money should be released, further boosting the economy.
While the country is growing rapidly, it is also at the forefront of NATO, a military alliance established after World War II, adjacent to Ukraine. The country is expected to spend 4.7% of its GDP on defense this year, a larger proportion than other NATO members, leading the way in 2024.
“We recognize that Germany cannot save Poland,” Urban says. “That’s why the government is pushing for spending nearly 5% of its GDP.”
Germany has failed for decades to reach NATO’s commitment to spend at least 2% of its GDP, according to the World Bank. In 2024, it reached 2.1%.
Poland has been actively responding to the Ukraine-Russian War during that time, but is also under the burden of over 7 million refugees from Ukraine.
“Since the war, we have become an attractive place for immigrants and refugees,” Mahsin Kruknik, a senior adviser to the World Economic Team at the Polish Institute of Economics, told FOX Business.
On November 11, 2024, the man is wearing a hat that “makes Poland great again” while attending an independence march to celebrate Poland’s 106th anniversary of regaining independence in Warsaw, Poland. (Beata Zawrzel/Nurphoto via Getty Images)
But that massive influx led to debate over who Poland wanted to attract to the country, Krknik says. Last month, Polish presidential candidate RafałTrzaskowski asked the government to stop paying Ukrainians with children with children with so-called child benefits subsidies, but has not officially worked. He said only those who pay taxes should receive assistance from the state.
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Klucznik said the country is conservative and cautious about immigration policies.
“We know some of the mistakes that other European countries have made, such as Germany, France and the UK, and we want to avoid some of them,” he said.
In particular, these three great powers have failed to fully integrate many migrants into their local culture.
