Last year Poland had far higher than average earnings growth than the world average. In addition it had the highest investment performance in the world.
This performance is even more amazing when one realizes that at the beginning of the year Poland was substantially less attractively valued than the global average, weighing in with a PE of 22.5 in comparison with average of 20.4.
Ruling party pro economic reform, opposition very ineffective
Pro-market and nationalist parties took power
Generally pro-growth culture, by a left of center leader who was expected to be more anti-growth.
Export growth, delay in rate hikes
So what is going on in Poland? It is frequently mentioned by left-of-center commentators as one of the nations which is allegedly falling into 'illiberalism'. Hungary is another frequently-mentioned example. Part of the reason for this is that both countries are reasserting their historical Christian faith and defending their European distinctiveness. In fact, at the end of 2016 the President of Poland attended a ceremony that declared Jesus to be the King of Poland. The government has exhibited tendencies towards populism, conservatism, and nationalism, which has made it a target for criticism from European elites.
However, the ruling Law and Justice Party has switched focus to economic reform. In addition to being Christian, nationalist, and culturally assertive, the party is also ostensibly free market, and opposition parties are highly ineffective. A dual-rate tax system, 18% and 32%, was implemented in 2015. This makes the top rate considerably lower than US top rate AFTER recent tax cuts.
Poland, along with Hungary and to a lesser degree Austria, are spearheading a new and yet very old combination: A synthesis of an unashamed assertion of national sovereignty, cultural traditions, Christian faith, and economic growth, and an unwillingness to bow in response to accusations of illiberality by utopian, transnational elites. Will it work? We don't know for sure, but so far it has delivered outstanding financial results.