The year 2010 was economically fine for Poland, but we have to be careful about the future

POLAND . The Unofficial Guide

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Jan 3, 11, 13:53 #1

... says the head of the Pekao bank, Alicja Kornasiewicz. We have to think in the perspective of the next 10 or 15 years rather than of the current year as we used to do in the years behind. She names the ten pitfalls ahead of Poland:

1. The Polish GDP may reach 4.5 % in 2011 due to Poland's positive links with the German economy that goes against the weak tendencies across the rest of Europe. The image of Poland as of a "green island" is, however, very tricky because of [i] the public finances deficit still thwarting numerous countries of Europe, [ii] global inflationary tendencies;

2. Poland has chosen the consumption model of an economy whose bankrupcy we can observe today in the streets of Athens or in the form of abruptly rising interest rates on government bonds in Ireland or Spain. Yet the financial assets per capita are nine times less in Poland than in the eurozone with 70% of households not disposing of savings at all. The debt rate - still relatively low in comparison to Western Europe - has risen from 20% of disposable income in 2005 to 50% in 2009. The public finances deficit has reached 115 bilion zloty in the year 2010 alone.

[to be continued ... maybe!]

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Jan 3, 11, 15:28 #2

Meanwhile, the Center of Economics and Business Research [CEBR] says the eurozone will collapse in the next 10 years. The chances for it are 5 to 1, says the center's director Douglas McWilliams. With Italy and Spain in the front line of the envisaged collapse, the economies of Portugal, Belgium and France seem to be a next line of concern. According to the center's analysis, even if the common European currency does not fall in 2011, this year will see a substantial weakening of the euro against the dollar.

delphiandomineThreads: 42 Posts: 9,954 Joined: Nov 25, 08 ♂ [Suspended]	Jan 3, 11, 15:47 #3
Ziemowit: The chances for it are 5 to 1, says the center's director Douglas McWilliams. Those are pretty long odds.

VarsovianThreads: 91 Posts: 568 Joined: Nov 23, 06 ♂	Jan 3, 11, 16:01 #4
A cynic would say that Greece is being kept on life support long enough for the French and German banks to get their money out.

IronsideThreads: 59 Posts: 6,783 Joined: Feb 26, 09 ♂	Jan 3, 11, 16:18 #5
Ziemowit: Yet the financial assets per capita are nine times less in Poland than in the eurozone with 70% of households not disposing of savings at all. Meaning that Poland cannot, afford those debts! I just wonder are those responsible have already save heaven ready or they hope that reckoning never happens! hanging would them good!

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