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ID number:771561
Author:
Evaluation:
Published: 08.10.2009.
Language: English
Level: College/University
Literature: 25 units
References: Used
Table of contents
Nr. Chapter  Page.
  INTRODUCTION    3
1.  FINANCIAL CRISIS IN POLAND    4
1.1.  ECONOMIC PERFORMANCE OF POLAND    4
1.2.  FINANCIAL SECTOR    5
1.3.  FIGHTING AGAINST CRISIS    6
2.  FINANCIAL CRISIS IN LATVIA    8
2.1.  ECONOMIC PERFORMANCE OF LATVIA    8
2.2.  MACROECONOMIC OVERVIEW    9
2.3.  CREDIT GROWTH AND PROPERTY BUBBLE    10
2.4.  FIGHTING AGAINST CRISIS    12
  CONCLUSION    14
  TABLE OF REFERENCES    15
  ADDITION    18
Extract

1.FINANCIAL CRISIS IN POLAND
1.1. ECONOMIC PERFORMANCE OF POLAND
Poland is one of the fastest developing countries in European Union. The country’s macroeconomic performance has been very strong in recent years:
growth has averaged about 5,35 % from 2005 to 2008 [ see table 1];
shrinking unemployment rate, which approached level of 9,5 % in the end of year 2008 [see table 2];
Poland managed to keep its current account deficit relatively low- end of 2008 was 3,4 %[ see table 3];
debt also remained stable at about 40–50 percent of GDP, in the end of 2008- 45,5 % [see table 3].
Financial crisis has its output on each European economy. Poland, however, is considered as having its economy in really good shape comparing to other central and eastern European countries. Poland is facing economic crisis mainly because of economic slowdown of foreign economies, including euro area countries, which are Poland’s major trade partners. Polish manufacturers sell about 80 percent of their products to the European Union, with a quarter of total exports sent to Germany. According to Central Statistical Office1 in the end of 2008, we could observe following trends in Polish economy:
decrease in export by 7,5 % and in import by 4,4%;
industrial output fell down by 9%, this serious drop had its output on construction companies, that disclosed positive results;
labour market:
increase in unemployment rate, which has been in gradual decline as from early 2008;
the biggest employment reduction took place in manufacturing (down by 17.000 versus 12.000 in industry);
lower demand in employment has its output in drop in wages and salaries which went down to 7,4 % in manufacturing.…

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