What was the only economy in Europe that did not suffer a contraction in the global debt crisis of 2008-2009?


What was the only economy in Europe that did not suffer a contraction in the global debt crisis of 2008-2009?

Think before you read! Do you know the answer???

Poland! And you have a terrific resource at your fingertips for doing business in Poland and working with Poles: Cultural Detective Poland.

Here are some reasons you want to keep your eyes on Poland, as explained by CNN:

“Ever since it broke from the Soviet Union back in 1989, Poland has been racing to make up for last time, as a member in good standing of Western Europe. Today Warsaw is the far side of the moon from the decadence and growing indebtedness of Moscow. Poland is staid, predictable, with no wild parties even on weekdays or outrageous displays of new wealth. Since joining the European Union in 2004, Poland has been working hard to meet the additional requirements of joining the Eurozone, which sets very specific targets for government deficits, debt, and other keys to economic stability like inflation and long-term interest rates. While many states that already belong to the Eurozone (from Greece to Spain) failed to achieve these targets, Poland largely succeeded, which is why it was in such good position to weather the crisis of 2008.

Today things look so good that Poland has the most vibrant labor market in Europe, creating jobs at a pace so rapid that many immigrant Poles are returning from the United Kingdom and other hard-hit nations to find work at home. Poland’s success was quite unusual – the only other EU economy in a similar position is the Czech Republic – but it does show that Europe can be a model for growth, at least for those who follow the rules.”

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