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EC Debate Delays Polish Investments
World Economy

EC Debate Delays Polish Investments

Poland is feeling the economic impact of the debate with the European Commission over the rule of law, with 20% of investors holding back because of the issue.
“Twenty percent of the potential investors who would have been already investing, are putting a question mark, and … wait for the definitive solution,” Polish Deputy Prime Minister Mateusz Morawiecki told a group of journalists on Thursday, EUObserver reported.
He said the “current discussion around the constitutional court” is having “not a significant, but not an insignificant impact” on the delay, adding that the investors are taking into account other factors, like the stability of the Polish economy and the volatile international situation.
The new Polish government’s efforts to reform the constitutional tribunal and appoint loyalists to the court earlier this year prompted the EU executive to launch a first-ever probe into rule of law in a member state.
The assessment of the commission was expected earlier this week, but after a visit by the commission’s vice-president Frans Timmermans to Warsaw on Tuesday, the executive decided to discuss the issue again next week, giving more time to the Polish government to find a solution.
Morawiecki highlighted some of the other factors behind the investors’ wariness.

  Blaming the Opposition Camp
“The overall doom and gloom over Europe and eurozone is much more important for some people in their decision-making,” he said.
He also blamed the Polish opposition for using the commission probe to fend off planned reforms by the current government.
“There is no trouble with the rule of law in Poland whatsoever. I think, speaking about democracy I could mention 10 other countries in the EU which have much bigger issues with democracy or the rule of law than Poland,” he said.
The deputy prime minister dismissed suggestions that a slower than expected growth of Polish economy in the first quarter of the year was due to the controversial actions of the new government, which was elected by overwhelming majority in the parliament last October.
Even though Poland was the only EU country to avoid recession after the 2008 financial crisis, Poland’s economic growth slowed more sharply than expected between January and April, to 3% in annual terms.
The minister shifted some blame to the previous government’s economic policy and to the eurozone. He said the eurozone’s continued troubles create uncertainty as 80% of Poland’s exports are directed to the euro countries.

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