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Gov’t working on new economic model for Poland

Gov’t working on new economic model for Poland

WARSAW: Poland has found itself by developing a new economic model,” Mateusz Morawiecki said, referring to “a demographic trap, the pitfalls of institutional weakness and the middle income trap.”

“One of the elements of this model is a policy of sustainable development,” he added.

Speaking at a meeting with residents in the southern city of Kraków, Morawiecki also said that “half of Polish industry is in foreign hands” as a result of the economy rapidly opening up to foreign investors after the fall of communism in 1989.

He added that Poland was spending some PLN 100 billion (EUR 24 bn, USD 29.6 bn) a year on interest, dividends and other transfers due to foreign owners and shareholders, who he said dominated in many sectors of the economy.