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EBRD: growth remains resilient but more structural reforms necessary in energy, banking


Poland will achieve GDP growth of 3.3% in 2010, remaining one of the best-performing economies in the Central Europe and Baltics region. But the country needs to move forward with reducing state involvement in the economy – currently one of the highest in the EU – so as to address fiscal pressures and adapt to less benign prospects for regional growth and financial markets, according to Transition Report 2010: Recovery and Reform, a new publication from the European Bank for Reconstruction and Development (EBRD).

The Bank notes that Poland is one of the EU economies where the involvement of the state in the economy is “the most pervasive”, particularly in the power, natural resources and banking sectors, which puts a brake on efficiency. Therefore, it urges the country to press on with the restructuring and full privatisation of big energy companies, especially since the sector is in need of very substantial investments. In the banking sector, it identifies the following key challenges requiring reform: constraints on credits for the SME sector; lack of adequate capital market instruments to close funding gaps for infrastructure projects; and shortage of more sustainable long-term financing instruments for the banking sector. To address this, the EBRD urges a further easing of constraints on issuance and investment by institutional investors.

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