Economic Reform in Poland had been implemented in 1982 to remove price controls and several subsidies to industry. The Polish government also wanted to open their market to the foreign investors, so the economic reform was adopted. In the early nineties, Poland was the first central European country who returned to growth after recession.
The economic conditions were not stable in Poland before the nineties that’s why they had been suffering from an economic crisis for a long time. No clear and efficient road map had been adopted to implement the reform. Poland had been under the communist regime for a long period. The reform implemented by the communist rulers was also not successful.
Through the previous reform programs the planned economies were decentralized which made the financial condition unstable. So in this scenario, to make a stable economy and achieve a sustained financial growth the Polish government implemented a new plan for economic reform at the start of 1990.
Priorities of the Economic reform:
The economic reform in Poland had several priorities.
Short Term Priorities:
1.Implementation of the reform measures to combat the external deficits.
2.Sustainable development in the financial sector.
3.Establishment of a medium term financial policy priorities.
4.Determination of a combined assessment within the Europe Agreement framework.
5.Acceleration in the privatization program of the state enterprises.
Medium Term Priorities:
1.Completion of the privatization process.
2.Enhancement of the institutions to take the necessary actions in the market economy.
The economic reform in Poland had been implemented through several other reform programs. These are: Labor Market Reform, Banking Sector Reform and Fiscal Reform.
Last Updated on : 26th June 2013