Poland was the only EU member to survive the crisis of 2009 without falling into recession. A thrilled Donald Tusk, prime minister, presented this achievement by showing a map of Europe with Poland as a green island floating on a red sea of European recession.
But the narrow escape – Poland’s economy grew by 1.7 per cent last year – carries the seeds of serious future problems caused by Poland’s high budget deficit – estimated at 7.9 per cent this year – and a rapidly rising public debt. Poland remains one of the fastest growing economies in Europe, with GDP growth expected to reach 3.5 per cent this year. Both government and National Bank of Poland forecasts call for growth above 4 per cent next year.
