Usually the first question people in USA ask me when they find out I’m from Poland is: “How is economy (ekonomia) in Poland today?” Poland is actually doing pretty good.

Poland has pursued a policy of economic liberalization since 1990 and today stands out as a success story among transition economies. It is the only country in the European Union to maintain positive GDP growth through the 2008-2009 economic downturn. GDP per capita is still much below the EU average, but is similar to that of the three Baltic states. Since 2004, EU membership and access to EU structural funds have provided a major boost to the economy. Unemployment fell rapidly to 6.4% in October 2008, but climbed back to 11.8% for the year 2010, exceeding the EU average by more than 2%. Inflation reached a low of 2% in 2010 due to the global economic slowdown but has since climbed and is expected to remain around 3%, and close to the upper limit of the National Bank of Poland’s target rate. Poland’s economic performance could improve over the longer term if the country addresses some of the remaining deficiencies in its road and rail infrastructure and its business environment. An inefficient commercial court system, a rigid labor code, bureaucratic red tape, burdensome tax system, and persistent low-level corruption keep the private sector from performing up to its full potential. Rising demands to fund health care, education, and the state pension system caused the public sector budget deficit to rise to 7.9% of GDP in 2010. The PO/PSL coalition government, which came to power in November 2007, has planned to reduce the budget deficit in 2011 and has also announced its intention to enact business-friendly reforms, increase workforce participation, reduce public sector spending growth, lower taxes, and accelerate privatization. The government has moved slowly on most major reforms, but has speeded up privatization.

And now a little of economic vocabulary:

Development in technology- rozwój technologii
Growth – Wzrost
Increase in shareholder power- wzrost wpływu udziałowców
Financial scandals- skandale finansowe
Trade unions- związki zawodowe
Bureaucratic-biurokratyczny
Long runs- długie działanie
Lifetime employment- zatrudnienie na całe życie
Industrial- przemysłowy
Shift- zmiana, zmieniać się
Customer- klient
Engaged- Zaangażowany
Warehouses- magazyn
Network- sieć
Choice- wybór
Economic activity- działalność gospodarcza
Structures- struktury
Increase – wzrost
Shareholder- udziałowiec
Flexible- elastyczny
Environment- otoczenie, środowisko
Merger- fuzja
Lease- dzierżawa
Tangible assets- aktywa materialne
Entrepreneur- Przedsiębiorca
Safety- bezpieczeństwo
Threaten- grozić
Share price- cena akcji
Staff- personel
Joint-stock company- spółka akcyjna
Public limited company- spółka z ograniczoną odpowiedzialnością
Stock exchange- giedła papierów wartościowych

Competitive advantage– przewaga konkurencyjna
Rival- konkurent, rywal
Desirable- porządany
In order to– w celu
Brand– marka
Straightforward- łatwy, prosty
Source of profits- źródło dochodów
Showcase- zademonstrować

Do następnego razu! (Till next time…)