Die Welt: Poland and Germany as driving forces behind European economy


Polish stock market in the past year was the best in Europe. Increases are also expected for 2011. Strong neighbor – writes German "Die Welt". The financial crisis has plunged into recession all European Union countries, except Poland.

- Together with Germany, Poland is the driving force of Europe - said Christoph Witte, head of the German branch of Kreditversicheres Delcredere. - In the third quarter of 2010, the Polish economy in comparison with the previous year grew by 4.2 percent. "Die Welt", points out that the Warsaw Stock Exchange in 2010 was one of the best in Europe, and forecasts for 2011 are also positive.

According to chief economist of Bank Pekao Marcin Mrowiec next year's growth is estimated at 4.4 percent. Support for the stock market will be, inter alia, the European Championships in football in 2012 and German labor market, opened in May. Increased mobility of employees should raise the wages in Poland.

Paper draws attention to the threat, which the budget deficit of 7.9 percent and 3.1 percent inflation, much higher than estimated by the NBP (target 2.5 percent). Investors still have to attract the strong zloty. - The trend towards strengthening of the zloty against the euro, which has lasted 12 months, will continue - said Raffaella Tenconi with Bank of America Merrill Lynch.