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OECD advises further reform to boost Poland’s growth prospects


2012-03-29



Poland has been the best-performing OECD economy during the global economic crisis, but in 2012-2013 the country’s GDP growth will slow to 2.75-3% due to weak activity in Europe and the effects of fiscal consolidation. Under these circumstances, Poland should implement further structural and social reforms to lay firmer foundations for sustainable long-term growth, the Organisation for Economic Cooperation and Development (OECD) says in its newly-released Economic Survey of Poland 2012.

According to the OECD, though the government should be able to meet this year’s deficit target of 2.9% of GDP, more detailed measures are necessary to bring the deficit to 2% of GDP in 2013, notably spending cuts, reforms of the pension system and the farmers’ social insurance system, and efficiency improvements in the public sector. The Organisation notes that as the country is not immune to contagion risks from its trading partners, such “growth-friendly fiscal consolidation” measures should be the policy priority for the government as the best way to reduce vulnerabilities across the economy and solidify the confidence of financial markets in the country’s economic future. In a longer-term perspective, the OECD advises the country to promote innovative and green sources of growth, notably through the adoption of more efficient environmental policies, education reforms to address the skills mismatch in the labour market, and measures to improve outcomes and equity in the healthcare system.



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