The Rise of Poland’s Economy: A Snapshot of Success
Europe has been the headline of many news stories in recent times, with the conflict in the east combined with Brexit in the west. One story that has remained consistent is the rise of Poland as a regional power.
Regional power in more than just militarily – Poland’s economy has been growing at a much faster rate than its neighbours, why is that?
To answer this question without using the better part of your day, Poland has been on the path to success since its breakaway from Communist policies in the 1990s. Its focus on democratic freedoms has instilled a sense of stability in its economy promoting rapid economic investment.
In combination with its fiscal policies and entrepreneurial culture, foreign investment has been consistent and has led to its rapid economic growth in the past decade.
Its rise to news headlines stems from its investment in military equipment – fueled by its prosperous economy. This, in turn, is fueling further economic investment and creating a booming market, ideal for business expansion.
What is an Emerging Market?
Before we dive further into the details of Poland’s economic success, let’s define an emerging market to set the context.
An emerging market is a market that does not have a defined definition, however, the International Monetary Fund defines it as such; “Emerging markets are generally identified based on such attributes as sustained market access, progress in reaching middle-income levels, and greater global economic relevance.”
These are typically markets and economies that hold vast potential, but have not solidified themselves or reached their near-future potential – which fits Poland’s economy exactly.
Key Factors Behind Poland’s Economic Growth
As we’ve touched on, there are several key factors behind Poland’s consistent economic growth. As an emerging market, keen-eyed investors are always on the horizon seeking lucrative business deals, and investments. Poland is providing the ideal conditions for this to take place, for these reasons in particular:
- Focus on democratic principles: Poland’s focus on the democratic system, and stable government practices has distilled a keen sense of confidence in being a reliable economy for investment. As an emerging market, a relatively cheap, and vast labour pool (6th Largest Population in Europe) has allowed many foreign investments to become hugely profitable. Fueling its rapid economic growth.
- Ideal business landscape: Poland is an ideal business landscape, as we’ve previously mentioned. A stable government, combined with an emerging business class has historically been the perfect climate for investment. This, in combination with its geographical location, makes it a foreign investment goldmine.
- Skilled Labour Force: A growing trend in our modern world is the need for outsourced IT services. Unlike past times, an uneducated labour pool is not the only way to fuel foreign investment. A skilled labour pool, with a low cost of living, allows foreign businesses to outsource skilled roles, particularly in the IT sector. Similar to Ireland’s economic growth scheme, Poland has attracted many foreign businesses in the IT sector.
Your Businesses Potential in Emerging Markets
If you’re looking to expand your business into the European market, Poland is likely one of your potential locations. However, investing in emerging markets can be daunting, with a relatively new and under-capitalised economy. From this, there are no tried and tested paths to take.
The best route to carving your business’s share of the European market via Poland is to partner with a business consultancy agency. Agencies based in the European Union are the best avenue for maximising your chances of successful integration, as they are the local experts.
With no clearly defined route, accessing the best-suited professionals will not only maximise your ROI but also make the process more cost-effective and efficient.
If this interests you, and you’re ready to take your business up a level, contact Wissen Consulting Group. Based in Salzburg Austria, these business consultants specialise in assisting businesses successfully entering the European market.
Without the assistance of professionals, you’re essentially flying blind and leaving yourself open to unforeseen expenses and roadblocks. Over 20% of businesses fail to succeed in their first year, with the statistic rising to 30% after two years, not to mention only 65% of businesses report being profitable. Avoid becoming a part of this statistic and maximise your chances of success with a trusted partner.
Conclusion: Harnessing Potential in Emerging Markets
Emerging markets have historically always been the ideal places for investment. From China’s manufacturing golden age to South Korea’s technology boom, emerging markets are the ideal locations for business investment.
If you’re looking to reserve your piece of prime investment, Poland is the ideal choice. With expert partners, your business could reach new heights and be a stone in Europe’s path to economic dominance.