Development trends and economic policy-making in Poland

The majority of macroeconomic indicators improved, sometimes even exceeding levels forecast by international organizations or targeted in the state budget. The best examples are gross domestic product, expanding faster than the 4.1 percent estimated by international organizations, or inflation being 0.1 lower than assumed in the state budget. From the political point of view the most important event in 1997 was the general election in September. The outcome brought a complete change on the political stage. The year 1997 was very significant for the issue of Polish accession to the European Union (EU). Together with Estonia, Cyprus, the Czech Republic, Hungary and Slovenia, Poland was invited to commence negotiations on prospective membership. Although there is much to be done in the process of transforming the Polish economy, this major achievement justified the boldness of economic strategies undertaken at the beginning of die decade.