Thirty years ago, Leszek Balcerowicz unleashed the 'shock therapy' tha...
WARSAW - Thirty years ago, Leszek Balcerowicz unleashed the “shock therapy” that put Poland on the path to rapid economic growth after decades of communist rule.
But after three decades of economic progress, Balcerowicz says Poland’s ability to keep catching up with the wealthier West is threatened by the policies of the ruling nationalist Law and Justice party. Poland’s per capita gross domestic product is now 50% of that of the United States, compared to 25% in 1989, according to the Civil Development Forum, a think tank of which Balcerowicz is chairman.But the reforms cut deeply into the buying power of ordinary people and public opinion is divided in Poland over Balcerowicz and the polices he introduced.
“What is the mechanism? Bad loans, political interference. In state banks you have bad loans, an accumulation of bad loans. It is gradual, you don’t see it and then it comes,” he said.
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