Poland and the United Kingdom both share a common aspect when it comes to facing global challenges. The 2020 recession, the war in Ukraine, the energy crisis, and tighter financing conditions are just a few examples of the global shocks that have impacted these countries. Despite these formidable challenges, Poland has showcased remarkable resilience and managed to maintain stability in its economy. Such a feat is undoubtedly worth studying and drawing inspiration from, particularly for UK businesses. In this blog, we delve into the insights behind Poland’s economic growth and explore how the United Kingdom can adapt their strategies to achieve similar levels of resilience and success.
Key Strategies of Poland in Overcoming Global Challenges in the Economy and Lessons for the UK:
Leveraging Education Institutions and Skilled Workforce
Poland has effectively utilised its educational institutions and adapted them to modern challenges, resulting in a young and skilled workforce. Mateusz Urban, Senior Economist at Oxford Economics, explains, “Poland has inherited decent primary and secondary educational institutions and norms from the communist era, which it has then successfully adjusted to more modern challenges and used to notably boost tertiary educational attainment.” The UK can learn from this approach by aligning its curriculum with industry needs and promoting skill development.
Joining The EU and Removing Trade Barriers
Poland’s EU membership and removal of trade barriers have significantly contributed to its GDP growth. EU funds have supported substantial infrastructure investments, making Poland an important economic partner. Mateusz Urban also highlighted how the EU had supported Poland financially through outsized public investments in infrastructure, making Poland a very close economic partner of Germany. The UK can consider strengthening its economic ties with neighboring countries and leveraging trade partnerships to enhance growth.
Fostering a Favorable Business Environment
Poland’s commitment to economic reforms, innovation, and robust infrastructure has created an attractive business environment. As said by Charles Bellwood, Owner and Managing Director at Bellwood Rewinds Ltd. “Poland has made significant strides in creating a favorable business environment – they have embraced economic reforms, fostered innovation, and established a robust infrastructure that attracts both domestic and foreign investment.” The UK can adopt similar approaches by implementing business-friendly policies and promoting innovation. Also, by supporting the firms that offer investment solutions in London, the government can ensure that budding entrepreneurs are receiving the helping hand they need.
Emphasising Education and Skills Development
Poland’s focus on education and skills development has resulted in a talented workforce. Martin Harley, the Group CCO of Imagine Consulting, highlights Poland’s technical universities, stating, “Poland has many prestigious technical universities educating great consultants that bring 15,000-16,000 graduates to the market every year, providing top talent exactly where they need it.” The UK can invest in education and vocational training programs to bridge skill gaps and ensure a skilled workforce.
Strategic Geographical Location
Poland’s location at the crossroads of Europe has positioned it as a gateway for trade and investment. Bellwood emphasises the importance of Poland’s geographic advantage, saying, “Poland’s strategic geographical location at the crossroads of Europe has also positioned them as a gateway for trade and investment, further fueling its growth.” The UK can leverage its own geographic position to explore opportunities as a trade hub.
Maintaining Price Competitiveness
Poland has maintained price competitiveness, particularly in the IT market, making it an attractive destination for businesses. Hartley notes, “Price competitiveness also gives Poland an edge. Rates in the IT market grow continuously, but prices are still at a very reasonable level.” The UK can focus on maintaining competitive pricing structures to attract investment solutions in London.
Continued Catch-Up and Surpassing Western Peers
Poland’s GDP per capita has already surpassed Portugal’s and is on track to exceed the levels of Italy and France. Mateusz Urban states, “Accounting for the purchasing power, the GDP per capita has already surpassed those of Portugal and is on track to beat the Italian and even French levels.” The UK can strive for continuous economic growth to close gaps with its Western counterparts.
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