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2009-06-30

Poland is a European exception in the crisis

The Polish economy has managed the international crisis so well that the country has been called "an island in the recession sea". It is the figures from the first quarter that make Poland a European exception.

While all other countries show red figures, Germany at 6.9 percent, Italy minus 5.9 percent and Britain minus 4.1, Poland may, together with Cyprus and Greece show black figures.

The Polish growth during the first quarter is at 0.8 percent, a figure that may not be great, but still makes Poland Europe's second fastest growing economy.

What saved the Poles from the recession is that consumption
and investment will continue, however, with some slowdown. The Polish currency, the zloty, has weakened thereby strengthening exports and there are also EU contributions of 100 billion Euro until 2013.

The Polish banks have been more restrictive in their lending
than in other countries. The opposition and the government are now disputing whether Poland has already faced, or will face the worst in the current situation.

                                                                                  Cecilia Helland

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