Poland is now as unpredictable as Russia, says Swedbank chief economist Nerijus Mačiulis, adding that recent developments in Poland, which has become the second-largest export market for Lithuanian goods, may have negative repercussions for Lithuania.
Poland
© AP/Scanpix

"Unfortunately, Poland is the new Russia - just as unpredictable and almost as dangerous because of its current economic and social policies," Mačiulis said during Swedbank's press conference on Tuesday. "And this has direct bearing for Lithuania, since Poland is the second biggest market for Lithuanian-made goods and even if Poland cannot adopt direct protectionist measures, as Russia did, radical depreciation of the zloty means that exporting to this market will not be easy. Another risk of cheap zloty is that our own consumers will make more frequent shopping trips to Poland."

However, changes in Poland might help draw more foreign investment to the Baltic countries, including Lithuania, he said.

"In investors' eyes, Poland is little better than Russia right now and, in the race for international investment, the Baltic States look much better and can potentially take over some of the flows of foreign direct investment attracted by Poland," he said.

According to Swedbank’s data, exports of Lithuanian-made goods to Poland last year accounted for 7.6% of the total, which made Poland the second-biggest market for those exports, after Germany with 13.7%.

BNS
It is prohibited to copy and republish the text of this publication without a written permission from UAB „BNS“.
Leave a comment
or for anonymous commenting click here
By posting, you agree to terms
Read comments Read comments

Poland thanks Lithuania for naming Vilnius street after Kaczynski

Poland on Friday thanked Lithuania for naming a street in its capital Vilnius after late Polish...

Georgia to continue to seek integration with West after election - formin in Vilnius

Tbilisi will continue to seek integration into the West regardless of who wins next Sunday's...

Lithuanian-Polish interparlt assembly might take place this year, MP says

The Lithuanian-Polish interparliamentary assembly might gather as early as this year, Arvydas...

Polish ForMin urges Lithuania to scrap election threshold for ethnic minorities - Interview (1)

Polish Foreign Minister Jacek Czaputowicz has called on Lithuania to amend its legislation so that...

Russian-language TV channel Current Time to be launched in Lithuania

The Vilnius TV Tower is starting on Friday to re transmit Current Time , a US-funded Russian-language...