By Marcin Piatkowski and Natasha Kapil, World Bank
Poland is Europe’s growth champion. It has more than doubled its GDP per capita since the beginning of the post-socialist transition in 1989, consistently growing since 1992, and was the only EU economy to avoid a recession in 2009. Poland is a prime example of the success of the European “convergence machine”.
In 2014, the level of income adjusted for purchasing parity exceeded $24,000 and reached almost 65 per cent of the level of income in the euro zone, the highest absolute and relative level since 1500 A.D. Read more
Poland’s parliament may have rushed through a dramatic change to the country’s pension system in only four days last week, but the revamped pension scheme still faces possible legal and constitutional challenges.
Poland became just the latest CEE country to take an axe to a pension system that became popular across the region a decade ago, but is being revamped or rejected because running costs have turned out to be significantly higher than predicted. Read more
How do we pay for her?
Poland plans to reduce the role private pension funds play in the country’s hybrid pension system in order to reduce public debt as it battles an economic slowdown.
Polish stocks on the main WIG20 index rebounded from a 10-month low after the opening of trading on Wednesday once the market realised the government was not intendig to nationalise pension fund assets, the biggest investor in the local equity market. Read more
Polish Christmas traditions include all the usuals such as trees, presents and carols, but there is also a new one – growing protests about the treatment of carp, the main course of most Christmas Eve dinners.
Weeks before Christmas, animal rights groups started a national campaign trying to get people to change their habit of buying live carp. Millions of Poles tote the fatty bottom-dwelling fish home in plastic bags and then pop the fish into the bathtub, where it swims in circles before being killed on December 24.