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Poland’s 20-year EU journey: Economic transformation unveiled

20 years of economic transformation: How Poland’s EU membership reshaped its prosperity

13:40, 01.05.2024
  fb/rl;   pie.net.pl, european-union.europa.eu, nbp.pl, data.worldbank.org, trade.gov.pl, pekao.com.pl, money.pl
20 years of economic transformation: How Poland’s EU membership reshaped its prosperity Poland’s accession to the European Union marks a pivotal chapter of economic resurgence and geopolitical realignment. Twenty years have passed since Poland, alongside nine other countries, embarked on a transformative journey by becoming a member of the European Union on May 1, 2004. As this significant milestone unfolds, it’s important to reflect on how this union has influenced Poland’s economic landscape and fostered a new era of prosperity.

Poland’s accession to the European Union marks a pivotal chapter of economic resurgence and geopolitical realignment. Twenty years have passed since Poland, alongside nine other countries, embarked on a transformative journey by becoming a member of the European Union on May 1, 2004. As this significant milestone unfolds, it’s important to reflect on how this union has influenced Poland’s economic landscape and fostered a new era of prosperity.

Economic rejuvenation

Poland’s integration into the European Union catalyzed an unprecedented wave of economic rejuvenation. The infusion of EU funds, investments, and access to the Single Market provided Poland with a springboard for growth and modernization.

According to a recent report from the Polish Economic Institute, Poland’s GDP per capita at purchasing power parity (PPP) stands 40% higher than it would have been in a hypothetical scenario where Poland did not join the EU.

World Bank data shows that Poland’s GDP per capita surged from 6,681 dollars in 2004 to 18,688 dollars in 2022, showcasing a remarkable transformation in living standards and economic well-being.

Meanwhile, the country’s GDP soared from 255.1 billion dollars in 2004 to 688.1 billion dollars in 2022.

Furthermore, in relation to the EU-8 countries (Eastern bloc nations that joined the EU in 2004), Poland stands as the fastest-growing economy, doubling its GDP between 2004 and 2022, alongside Slovakia and Lithuania, while Hungary and Slovenia experienced a growth of 44%, and the GDP of the Czech Republic, Latvia, and Estonia grew by at least 50%.

Since joining the EU, Poland has seen a tripling in growth in certain service sectors like information, communication, and finance. Industrial processing witnessed a 176% surge, the highest in the EU. In most sectors, Poland ranked among the top three countries with the strongest post-2004 growth, notably exceeding the EU average by 70 to 160% points.

Infrastructure development

The massive infrastructure development across Poland is one of the most tangible manifestations of EU membership. From modern highways crisscrossing the country to state-of-the-art public transportation systems in major cities, EU funds have been instrumental in enhancing Poland’s connectivity and mobility. Projects like the Warsaw Metro expansion and the construction of the A1 motorway exemplify Poland’s strides towards modernization, fostering economic integration and regional connectivity.
 
 
 
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During this period, the length of the highway network surged by nearly 140%. The most notable expansion occurred in Poland and Hungary, where, relative to their accession to the EU, the road network experienced growth of over 225%. Despite intensified infrastructure investment and a significant uptick in highway length, the EU-8 countries, notably Poland, fall outside the top EU nations in terms of highway network density.

Upon joining the European Union, Poland boasted over 610 kilometers of expressways. Presently, drivers benefit from a sprawling network spanning over 4,620 kilometers of expressways, including more than 1,750 kilometers of motorways and approximately 2,870 kilometers of express roads.

Furthermore, within the scope of future EU-funded projects, which have already finalized funding agreements, plans are underway for the construction of over 2,127 kilometers of national roads. This comprehensive plan includes approximately 158 kilometers of highways and an impressive 1,765 kilometers of expressways.

Foreign investment

Poland’s accession to the EU opened floodgates of foreign direct investment, positioning the country as an attractive destination for multinational corporations seeking access to the vast European market.

The stability and regulatory framework offered by EU membership provided a conducive environment for FDI inflows, propelling Poland into a regional economic powerhouse. According to the National Bank of Poland, FDI inflows surged from 9.98 billion euros in 2004 to over 31.2 billion euros in 2022, reflecting investor confidence and the allure of Poland’s growing market. Foreign direct investment inflows reached 4.6% of GDP in 2022.

Export opportunities

The European Union’s Single Market, with its harmonized trade policies and elimination of internal barriers, has been a boon for Polish exporters. Access to over 440 million consumers has expanded Poland’s export horizons, driving growth in key sectors such as automotive, machinery, and information technology.

The European Commission reports that exports of goods and services from Poland to other EU member states have more than doubled since accession, underscoring the pivotal role of EU membership in facilitating trade and economic integration.
Data from Credit Agricole reveals that Poland’s global merchandise export share doubled from 0.8% in 2004 to 1.6% in 2023, a testament to the benefits of EU membership.

Neighboring countries in the region exhibit similar upward trajectories. For example, in 2004, Poland, the Czech Republic, and Hungary had comparable export shares of 1.7%, 1.6%, and 1.5%, respectively, which rose to 5.3%, 3.6%, and 2.2% by 2023.

Notably, between 2004 and 2022, Polish exports experienced significant growth across all major product categories, with consumer goods witnessing the most substantial increase. Poland’s share of global exports in this category rose by 1.6 percentage points, with food contributing 0.6 percentage points to this growth.

EU funds

Central to Poland's economic transformation has been the inflow of EU structural funds aimed at fostering regional development and narrowing socioeconomic disparities. Through programs like the Cohesion Policy, Poland has received substantial financial assistance for infrastructure projects, innovation, and human capital development.

Poland has received over 232 billion euros in funding from the European Union budget between 2004 and 2022, demonstrating the substantial support it has received from EU membership. In reciprocity, Poland contributed membership payments exceeding 77 billion euros over the same period, highlighting its commitment to the collective endeavors of the Union.

Challenges and opportunities ahead

While Poland’s EU membership has undeniably catalyzed economic progress, challenges persist on the horizon. Tensions over issues such as the rule of law, climate policies, and migration pose significant tests for the cohesion of the European project. Moreover, the COVID-19 pandemic has exposed vulnerabilities in global supply chains and underscored the imperative for resilience and adaptation.

Poland, marking two decades of EU membership, finds itself at a critical juncture, faced with both opportunities and responsibilities. Leveraging the benefits of EU integration while addressing internal and external challenges will be paramount in shaping Poland’s trajectory in the years to come.
źródło: pie.net.pl, european-union.europa.eu, nbp.pl, data.worldbank.org, trade.gov.pl, pekao.com.pl, money.pl