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QUESTION
International trade provides benefits to a country’s producers and consumers. However, some economists warn that developing countries are disadvantaged by the current international trading system.
- Select an Eastern European country that belongs to the European Union (Bulgaria, Czechia, Hungary, Poland, Romania, Slovakia, Slovenia).
- Provide the most recent economic data for that country, then discuss how membership in the European Union affected the economic conditions in the past 10 years in the country you selected.
- Discuss the economic trade policies would you implement to continue the economic rise of the country you analyzed?
Directions:
- Embed course material concepts, principles, and theories, which require supporting citations along with at least one scholarly, peer-reviewed reference in supporting your answer unless the discussion calls for more. Keep in mind that these scholarly references can be found in the Saudi Digital Library by conducting an advanced search specific to scholarly references.
- Use Saudi Electronic University academic writing standards and APA style guidelines.
ANSWER
Trade Policies for the Developing Nations: Poland
Poland is one of the countries in Eastern Europe that belong to the European Union. The country’s GDP as of 2021 was 674.05 USD Billion, which is projected to expand by 4.4% by the end of 2022 and 1.8% in the following year. The decline is linked to investment growth, which will slow down with fiscal policy.
Belonging to the European Union has certain impacts on individual countries and the union as a whole. Brain power, entrepreneurial spirit and hard work have contributed to the significant growth of Poland since the beginning of its membership in the EU. However, the most powerful factor in the development of Poland over the last ten years is linked to the political integration witnessed by the EU members. The business environment created through the union contributes to the growth of member economies, Poland included.
Głodowska (2017) found that the convergence of a good environment created through the union and political integration has contributed to the overall economic growth of member countries. However, Głodowska (2017) highlights how economic convergence has limitations, like in external economic relations with non-member countries. Therefore, Poland may be an exception when it comes to member countries that have not approached the western Europe GDP despite their accession to the EU.
To ensure the economic rise of Poland, economic trade policies like creating labor market reforms and investing in enhancing productivity are necessary, even though it means gradually. At the same time, privatizing Poland’s state-owned enterprises and liberalizing trade and capital flows will create an inclusive economy that will ensure a continuous flow of revenue for the growth of the GDP (Bogumil and Wielądek, 2014). Otherwise, forecasting and putting measures in place to reduce the effects of trade disruptions can be efficient in ensuring that the economy rises steadily.
References
Bogumil, P., & Wielądek, R. (2014). Securing Poland’s Economic Success: A Good Time For Reforms. Ecfin Country Focus, 11(9), 1-8. https://doi:10.2765/69666
Głodowska, A. (2017). Business Environment and Economic Growth in the European Union Countries: What Can be Explained For the Convergence? Entrepreneurial Business and Economics Review, 5(4), 189-204. https://doi:10.15678/EBER.2017.050409
