Poland has emerged as a fast-growing economy that, over the last 25 years, has doubled in size which resulted in it, “long a marginal European economy, [being] poised to become Europe’s new growth engine”. As a World Bank summary phrased it:
Poland’s well-diversified economy has proven to be one of the most resilient economies in the EU, recovering strongly in 2021 after a relatively small contraction in GDP of 2.2 percent in 2020. A sound macroeconomic framework, effective absorption of EU investment funds, a sound financial sector, better access to long-term credit, and access to European labor markets have supported long-term inclusive growth and poverty reduction.
Over the past decade, Polish GDP growth had also remained strong, with only a small contraction in 2020. See below for the data based on the World Bank:
| Country Name | Indicator Name | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | | | -- | - | - | - | - | - | - | - | - | - | - | - | - | | Poland | GDP growth (annual %) | 2.9 | 5.0 | 1.5 | 0.9 | 3.8 | 4.4 | 3.0 | 5.1 | 5.9 | 4.4 | -2.0 | 6.8 |
Recently, a number of politicians and media outlets in the UK and elsewhere have predicted that Poland could by 2030 economically overtake the UK, faced with a number of economic problems and the prospect of a lost decade. See for a few examples below:
Financial Times: "Britain and the US are poor societies with some very rich people"
On present trends, the average Slovenian household will be better off than its British counterpart by 2024, and the average Polish family will move ahead before the end of the decade.
Sky News: "Britain's economic trajectory will soon see it overtaken by Poland, Starmer to warn"
Labour leader Sir Keir Starmer will use World Bank data to warn that, without a change in leadership, Britain's economy will be overtaken by its eastern European rivals over the coming few decades.
The Spectator: "Britain’s sclerotic state"
It’s important to put into perspective just how bad the last few parliaments have been. If the UK continues with the same level of growth it has seen for the last decade, Poland will be richer than Britain in about 12 years’ time.
According to OECD data for 2021, Poland has a GDP per capita (in USD) of 37,771 compared to 49,765 for Britain.
Indicator | Value |
---|---|
Stars | ★★★☆☆ |
Platform | Metaculus |
Number of forecasts | 104 |
Poland has emerged as a fast-growing economy that, over the last 25 years, has doubled in size which resulted in it, “long a marginal European economy, [being] poised to become Europe’s new growth engine”. As a World Bank summary phrased it:
...
<iframe src="https://metaforecast.org/questions/embed/metaculus-15372" height="600" width="600" frameborder="0" />