Polish GDP to grow at 3 pct over 2016-2018: OECD

Poland's GDP growth rate over 2016-2018 is expected to be around 3 percent annually, according to a report published Friday by the Organization for Economic Cooperation and Development (OECD).

In a report marking 20 years of cooperation between Poland and OECD, the organization stressed Poland needs to go beyond competing on cheap labor and search for new domains where it can be competitive at the global level.

The document recommends sustainable financing for the new spending, tax cuts and specializing in knowledge-based services.

The report says that adequate innovation policy may help raise the level of knowledge and boost the development of new technologies. It recommended reform of public research and establishing closer ties between science and industry, and stressed the need of better telecommunications and IT infrastructure.

OECD Secretary General Angel Gurria said Poland had made impressive progress in raising the living standard of its citizens in 1990-2015, with the GDP per capita now standing at two-thirds of the OECD current average.

Life expectancy went up to 77 years in 2014 from 71 years in 1990, while the number of graduates on the market has doubled, he added.

Gurria said Poland faced challenges such as boosting productivity which in 2015 constituted only 60 percent of the OECD average, improving vocational education and reducing the number of low-quality non-permanent job contracts.

OECD was established in 1961 with has 35 developed countries as members. Poland joined the organization in 1996. Enditem