Poland was once known for the number of people who left the country for work; emigrating to Britain, Italy and the US among other countries.
Poland’s status has changed significantly over the past few years. Thanks to steady economic growth, smaller percentage of young Poles decide to leave their homeland in search for better paying jobs. Many educated Poles are returning to their homeland in a kind of reverse brain drain. With the Polish economy’s current rate of growth of 3.6 %, the country is set to catch up economically with the UK in terms of GDP per person by the end of the decade. Since Brexit, the number of Polish immigrants living in the UK has fallen by half. But this is also due to the improved situation in Poland.
A good illustration of Poland’s success story is the venture capital sector which over the past few years has been developing at the rapid pace. In 2022, despite the fact that it was a tough year for business, a total of Eur 775 m was invested in Polish start-ups.
Warsaw, in particular, has become a hub of economic activity in recent years, with multinational companies such as Microsoft, Google, and Nvidia attracted by the educated workforce, and relatively low cost of living and labour costs. These companies have set up multibillion-euro operations in Warsaw, creating a range of well-paid job opportunities.
So, why has Poland become such an attractive place to invest?
There are a few reasons.
First, the fast economic growth made Poland one of the most productive and dynamically growing economies in Central Europe.
Second, low cost of production and labour (in comparison to the western Europe) as well as fast developing infrastructure, beneficial taxation and subsidies for investment are important advantages if you are looking for a place to invest.
Third, a strategic location; situated in Central Europe, Poland has a strategic location between the western and the eastern sides of the continent.
Four, access to the Baltic sea which offers additional transport and trade benefits.
Fifth, membership in the EU and the Schengen area is crucial for investors as by entering Poland, the investors also receive the key to a wider EU market.
Six, highly qualified and hard working people, especially in the tech sector. One of the reasons Poland is famous for top-class IT specialists is that the country used to be a superpower in the field of mathematics in the 1920s and 1930s. Polish school of mathematics was a world’s phenomenon. After 1945 it changed but the high quality of professors and students remained in the Polish DNA.
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