The global fi nancial crisis, the eurozone crisis and their consequences for the Polish economy (en translation)

Abstract: The Polish economy responded to the global fi nancial crisis differently than the remaining economies of Central and Eastern Europe (CEE). Although it lost some growth impetus, the positive growth rates were maintained during the crisis, thus rendering Poland, next to Australia, a rare case among the OECD countries. Why? By means of addressing this question, the specifi cities of four economies, i.e. the Czech Republic, Hungary, Poland and the Slovak Republic are examined and the roots behind the variability of their responses to the crisis are identifi ed. It is argued that the variability of responses to the crisis can be explained by reference to the differences in the transformation strategies employed in each of these countries, which resulted in different levels of development, openness, and competitiveness. This influences respective economies’ responses to shocks such as the eurozone crisis and helps to explain the reasons behind Poland’s sustained growth.