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Poland has been less affected by the global financial crisis than most other countries in the region, reflecting its progress with macroeconomic policy in recent years. However, the fiscal balance and credit quality are deteriorating and unemployment is rising, providing significant challenges to macroeconomic and financial stability in the coming years. Progress with privatisation, as well as further investment in transport and energy infrastructure, are key structural reform challenges in order to reap the efficiency gains of restructuring and secure higher potential future growth. Additional efforts are required to provide better work incentives to raise the low rate of labour participation. Similarly, a greater focus is needed on measures to improve innovation and human capital in order to strengthen labour productivity and competitiveness.
Poland still faces a number of challenges. These include the need to reduce administrative barriers and make improvements in the legal framework and efficiency of judiciary to increase the country’s attractiveness to investors. Many enterprises remain under state control, particularly in the heavy industry, mining, shipbuilding, energy, petrochemical industry and insurance sectors. Greater access to finance by small and micro-enterprises, particularly in rural areas, would stimulate entrepreneurship and reduce unemployment in less developed regions.
The EBRD and Poland
The EBRD aims to provide support to enterprise restructuring, modernisation and privatisation, by sharing risk with local or foreign investors, particularly in more challenging sectors such as chemical, energy, heavy industry or mining.
It will also support restructuring, modernisation and private sector participation in the road sector, railways and airports.
Local companies will be provided with necessary risk capital to fund their growth and/or expansion in the region. And the Bank will work with local financial intermediaries and non-banks to provide finance to micro, small and medium sized enterprises (MSMEs), particularly in rural areas.
Last updated 21 April 2010