Polish innovative companies are rather concentrated on domestic market than on international expansion. That's one the main reasons of Poland's weak postion in rankings of innovation performance. According to biggest chances for Poland for getting strategic advantage in terms of innovations the competition in Europe is less in the health-care and biotech fields, so emphasis can be put on those areas of research and training of potential entrepreneurs says Franklin Pitcher Johnson.
The Conference Board, almost a hundred years old global business organisation, published its economic development projections several days ago. The projections say that between 2013 and 2018 Poland’s GDP growth rate would be 1.9%, and 1.5% between 2019 and 2025. The pessimistic option is that the growth would be ca. 1% a year, while optimists say it would be 2.7% and 2.0%.
MPC's last announcement makes it clear that the process of easing monetary policy has begun. We are witnessing an economic slowdown when it is difficult to keep the level of public debt in check. Our economy's sustainable development requires structural changes - says Professor Jerzy Hausner, a member of the MPC.
The finance minister believes that next year the European Union will decide to abrogate the excessive deficit procedure against Poland. This would give the government a free hand to implement reforms stimulating the economy. But Poland is at a distant position among 10 countries currently covered by the procedure and waiting for its abrogation.
The net profit of banks after nine months of the year exceeded PLN 11 billion, according to the Polish Financial Supervision Authority (KNF). It is PLN 100 million less than the result after three quarters of the record year 2011. However, this year’s result was generated in different macroeconomic conditions.
“Large banks dictate to their governments what to do, and banks in turn are too strictly steered by regulators, who want to influence banking products, but are not interested in the systemic risk generated by these banks. Functions are confused,” says Józef Wancer, a banker with many years’ experience, currently an advisor to the Board of an advisory company Deloitte. “Europe should follow the US example more closely.”, he adds.
The programme extending the paid parent leave is to cost taxpayers PLN 2 billion. If all eligible parents were to participate, the figure should amount to as much as PLN 5.2 billion. However, already while drafting the programme, the government assumed that some of them will not be able and others will not want to participate. The estimates show that the amount of PLN 2 billion is also a waste, since it will not increase the number of children born.
Five steps – and not one more – is supposedly all the Minister of Health needs to reform the health care system. The problem is he presented no details, only catchy slogans. No costs of the reform were mentioned. The one thing we know for sure is that the government plans to spend PLN 100 million a year for subsidising in vitro procedures.
Several days ago, Credit Unions (Polish: SKOK) have been covered by supervision of the Polish Financial Supervision Authority (PFSA). Within the next three months, Unions’ financial statements will be examined by statutory auditors. Only when the audits are completed, it will be possible to state if the Unions’ assets, or the scale of loans they have granted, are covered by the funds they accumulated to a sufficient extent.