Poland immune to EU woes

Poland' Economy still growing

Poland’s economy remains robust with a prediction of 2.7% growth in 2012 while the Eurozone falls into a double dip recession of negative growth.

France and Spain have received economic warnings from the European Commission and Greece appears to be headed for financial ruin shunning their obligations under the bailout agreement that required austerity measures being implemented. Italy and Portugal also show signs of debt-laden hardships stressing their economies toward the breaking point. Even the U.K. is having a difficult time treading water in the financial vortex.

The EU’s largest eastern member is weathering the recession due in large part to domestic demand and public investment in preparations for the Euro 2012 soccer championship to be held in Poland this summer.

The commission also estimates the Polish government will narrow the budget deficit to 3 percent of gross domestic product this year from 5.1 percent in 2011.

Domestic demand is projected to remain the main driver of growth, but the focus is expected to continue to shift from consumption to investment. Companies are set to benefit from the currency depreciation and use their profits to renew their machinery in preparation for an expected upturn in the business cycle.

To keep the powerful Polish engine of economic growth moving forward the lower house of Parliament has past legislation as of this writing to increase the official retirement age to 67, which has met with some protest by workers.

But, to live in a society with much higher standards of living compared to the socialist structure under communist domination, some sacrifices in government programs will have to be made for Poland to remain the one bright spot on the Continent.

Financial crisis 2009 - Poland only EU member to increase GDP