Poland is the 23rd largest economy in the world. The country has a population of 38.5 million people. Since 1990, the country’s economy has been growing “exponentially.” According to Gordon (23), Poland is one of the best countries to consider for international business. The discussion below presents a PEST Analysis for Poland.
We will write a custom Essay on The Poland Economy’ PEST Analysis specifically for you
301 certified writers online
To begin with, Poland has a stable government. The political situation in the country offers new opportunities for doing business (Herbener 12). The government has maintained the best conditions for doing business (Deck-Partyka 24). The current political situation explains why the country continues to have positive economic growth.
Economists believe that Poland is one of the major “economic powerhouses” in the world. The recent economic transformations have made the country successful. Poland is also a leading exporter of “processed products, machinery, cars, non-precious metals, furniture, and metal products” (Biskupski 49). In addition, Poland encourages agricultural practices and extensive research. The major challenge affecting the country is the high rate of unemployment. On the other hand, Poland has a low inflation rate (Aghion and Durlauf 73).
Poland became a “democratic” country in 1989. As a result, the citizens began to promote various business activities, thus stimulating economic development. Poland is also a diverse country in terms of culture (Zylicz 73). People of Poland are hardworking and optimistic. They also borrow ideas and skills from new visitors and investors. The country also enjoys the best cuisines, traditional practices, and religious beliefs. This makes the country one of the best places to invest (Czerny 37). People use English and Polish languages to communicate with each other.
People of Poland have pioneered different scientific inventions and technological ideas. For example, “the first oil lamp was invented in the country” (Zylicz 78). As well, Marie Curie from Poland was the first person to discover “radium” and “polonium.” The government also encourages its citizens to be ambitious and innovative. The invention of “graphene” is also a success story for Poland. Graphene is a useful compound in the “electronics industry” because it is a good conductor of electricity (Aghion and Durlauf 38).
Ethical and Legal Issues
Ethics refers to “codes” of conduct within business, industry, or society (Czerny 42). For very many years, Poland failed to provide the best infrastructure for business ethics due to “communism.” Corruption, poverty, lack of proper legal infrastructure, and the financial crisis continued to affect the country (Szczerbiak 19). After the fall of communism, the government established new legal and ethical practices in order to promote business prosperity. The strategy attracted new investors and eventually promoted “economic development” in the country (Czerny 46). There are some citizens facing certain ethical concerns in the workplace. Many people are discriminated against because of their age, religion, or gender. Cases of “abuse of authority” are also common in the country (Ryan 274). As a result, the government has embraced new strategies in order to address most of the ethical and “human resource” concerns affecting the people.
Foreign Exchange and International Trade
The Polish Zloty has continued to strengthen against the Sterling Pound and the US Dollar. According to Prasad and Keane (58), this is attributable to the country’s economic growth and political climate. The country continues to attract investors from different parts of the world. Currently, Poland is doing business with different countries, thus making it an economic powerhouse in the region. In conclusion, it is fair to state that this analysis “portrays” Poland as a stable country for international business.
Aghion, Philippe, and Steven Durlauf. Handbook of Economic Growth. Warsaw: North Holland, 2013. Print.
Biskupski, Mieczyslaw. The History of Poland. Warsaw: Oxford University Press, 2006. Print.
Czerny, Miroslawa. Poland in the Geographical Centre of Europe: Political, Social and Economic Consequences. Warsaw: Nova Science Publishers, 2006. Print.
Deck-Partyka, Alicja. Poland: A Unique Country and Its People. London: Author-House, 2006. Print.
Gordon, Sharon. Poland. Warsaw: Oxford University Press, 2004. Print.
Herbener, Sabine. Poland. New York: Wiley, 2009. Print.
Prasad, Eswar and Michael Keane. Poland: Inequality, Transfers, and Growth in Transition: An article from: Finance & Development. Warsaw: Oxford University Press, 2011. Print.
Get your first paper with 15% OFF
Ryan, Leo. “Current Ethical Issues in Polish HRM.” Journal of Business Ethics 66.1 (2006): 273-290. Print.
Szczerbiak, Aleks. Poland Within the European Union. New York: Routledge, 2003. Print.
Zylicz, Tomasz. Costing Nature in a Transition Economy: Case Studies in Poland. London: Edward Elgar Pub, 2000. Print.