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16 adrenaline shots to a full recovery: the Union and WEI have a plan for the Polish economy



Warsaw, 2nd March 2021

 

16 adrenaline shots to a full recovery: the Union and WEI have a plan for the Polish economy

 

In 2020, the rate of investment within the Polish economy amounted to 17.1%, compared to 18.5% in 2019. This comes as a result of not only the pandemic, but also of the diminishing attractiveness of investing in Poland – a recent ongoing trend. The Union of Entrepreneurs and Employers and the Warsaw Enterprise Institute have published a comprehensive programme of reforms that will reverse this trend and subsequently lead to faster national income growth.

The Union together with the Institute encourage all interested parties to have a look at their new publication, and to watch the expert debate dedicated to the issues it analyses. The debate will take place on Wednesday 3rd March 2021 at noon and will be broadcast live on social media of Związek Przedsiębiorców i Pracodawców (the Union) and the Warsaw Enterprise Institute.

As part of the “Plan for an economic recovery after the Covid-19 crisis”, both organisations outline 9 pillars which are to constitute basis for reforms. Of particular significance in the short term is the first pillar: it lists as many as 16 solutions that can be introduced immediately. Their effect on the economy will be identical to that of an adrenaline shot on an exhausted organism. These “shots” include, among others: a guarantee of legislative stability, freezing the raise of the minimum wage, ceasing to regulate market prices, withdrawing from amendments to non-interest costs of consumer loans, or the suspension of the bank tax collection. The last of the proposed solutions is exceptionally important as this tax, combined with low interest rates, creates a savings-unfriendly environment, while savings are the foundation of any investment.

Other pillars:

II Universal access to high-speed Internet – the pandemic has shown that a good infrastructure in terms of connection of the Internet is a prerequisite for development in the 21st century. We propose ways to further develop its potential.

III Public services in the era of universal Internet access – many public services have already been successfully digitised, however, much still remains to be done in this respect. We suggest the right directions of development.

IV Economic law – a good and transparent economic law is a sine qua non condition for stable GDP growth. We design systemic solutions streamlining legislation in this area.

V Salaries and taxes – in the case of these two issues that are of interest to everyone, there is still much to be done. We propose solutions that increase budget revenues and salaries of the Polish people alike.

VI Pension system – we diagnose the current system of insurance and supply, and propose a new supply system that addresses demographic changes.

VII Demography – we conduct an in-depth analysis of demographic problems and indicate methods of alleviating them, including the usefulness of the revenue tax to combat this issue.

VIII Labour law and labour market environment – the labour law presently in force satisfies neither employers nor employees. Furthermore, it fails to address the challenges of the 21st century. We propose several necessary amendments to this legal act.

IX Judiciary – courts that are efficient and just are no controversial utopia. Nevertheless, in order to a fully achieve this ideal in Poland, a structural and, to a certain extent, revolutionary reform is necessary.

The pandemic will eventually end, but reforms needed to switch the Polish economy to a higher gear must take place now. They will give Poland the chance to accelerate the process of catching up with the wealthier economies of Western Europe. Poland, being a smaller and younger free-market economy than, for example, the Germany or France, has the advantage of being more agile and flexible. We should use this to our advantage.

 

Fot. suriyapong / Adobe Stock

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