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Poland - Country economic memorandum : saving for growth and prosperous aging (English)

The recent financial crisis has emphasized the role of national saving for rising economic growth and promoting development. Since the crisis began, global markets have experienced deteriorating public finances, household deleveraging, differing speeds of recovery, and eroding confidence in financial systems, all of which have deterred long-term investments. In the context of this new growth agenda, the present report analyzes the trends and determinants of domestic saving in Poland and provides policy options for increasing saving, particularly over the long term. Improved national saving provides funding for a country to take advantage of more investment opportunities. From the microeconomic perspective, increasing national saving will support incomes in an aging society, helping address the issue of the adequacy of retirement incomes. However, increasing national saving involves also some costs, which should be carefully balanced against the potential benefits. In this context, the report is divided into seven chapters. Chapter one gives introduction. Chapter two presents recent trends and determinants of growth in Poland, as well as challenges for its long-term prospects. Chapter three discusses the determinants of and influences on the level of private saving. Chapter four complements this discussion by portraying the government's role in determining the level of saving in the economy. Chapter five discusses the importance of saving for the financial sector, its ability to promote saving, and instruments that may be promoted to meet the needs of Polish savers. Chapter six quantifies the impact of potential changes to the main determinants of saving on performance of saving and economic growth in Poland. Finally, chapter seven focuses on policy analysis.


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    Country Economic Memorandum

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    Europe and Central Asia,

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    Poland - Country economic memorandum : saving for growth and prosperous aging

  • Keywords

    national saving;corporate saving;fiscal cost of tax incentive;government saving;quality of higher education;taxation of capital gains;cost of health care;female labor market participation;life expectancy at birth;growth in health spending;increasing labor force participation;household saving;financial literacy campaign;foreign saving;domestic saving;propensity to save;excessive deficit procedure;international investment position;domestic capital market;capital market development;social security contribution;quality of public;public pension system;national saving rate;foreign direct investment;domestic financial system;return on saving;private pension plan;families with child;current account deficit;social security scheme;quality of teaching;balance of payment;defined contribution pension;replacement rate;banking system;rapid capital accumulation;stages of life;foreign exchange liquidity;corporate bond market;foreign exchange risk;financial sector development;reduction in employment;total factor productivity;target growth rate;form of saving;voluntary pension scheme;cost of delay;privatization of state;taxation of savings;employment of woman;international money market;speed of recovery;exchange rate float;long-term local currency;household saving rate;sovereign debt crisis;demand management policy;stable macroeconomic policies;private pension fund;income from property;internal labor mobility;labor market activity;quality of care;financial market development;corporate tax payments;supply of skill;enforcement of security;lack of supply;highly leveraged institution;relative poverty rate;global financial market;supply of labor;old-age dependency ratio;global financial crisis;risk of poverty;mandatory pension fund;contribution of investment;net foreign liabilities;access to care;higher education level;high growth rate;public saving;Fiscal policies;Population Aging;national income;private saving;aging population;pension reform;fiscal policy;capital deepening;automatic enrollment;productivity growth;upward pressure;retirement saving;household income;fiscal deficit;minimum pension;positive impact;public health;long-term growth;employer contribution;deferred annuity;older worker;tax base;saving instruments;skill mismatch;long-term sustainability;pension spending;tax system;house purchase;preschool facility;tuition fee;tax wedge;policy package;significant challenge;higher growth;saving scheme;domestic funding;bank lending;banking sector;investment need;positive relationship;Investment strategies;long-term funding;capital inflow;Capital Inflows;investment spending;financial behavior;lifelong learning;Fiscal Sustainability;individual incentive;structural adjustment;government spending;income growth;benchmark system;individual saving;long-term capital;market instrument;international standard;income convergence;total saving;low-skilled worker;retirement pension;previous paragraph;tangible capital;tax enforcement;government investment;Exchange Rates;actuarial fairness;aging society;Health cost;limit coverage;private funding;productive investment;municipal bond;labor taxes;bank finance;savings vehicles;european commission;working-age population;wage growth;regulatory action;base year;implicit liability;public entity;external support;tax reduction;domestic sources;external financing;investment opportunities;capital stock;domestic investment;external source;foreign bank;longer period;long-term care;fiscal plan;short-term exposure;budgetary spending;average performance;tax change;efficient tax;saving behavior;high-income earner;corporate profitability;firm size;Tax Administration;leverage ratio;foreign parents;gross debt;accumulated saving;dynamic development;flat payment;foreign source;employee contributions;extensive use;legal obstacles;budgetary process;state support;enrollment capacity;benefit system;labor income;aggregate consumption;healthy growth;labor productivity;tax burden;corporate sector;Public Spending;passive saving



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Poland - Country economic memorandum : saving for growth and prosperous aging (English). Washington, D.C. : World Bank Group.