Poland as the destination for Shared Services Centers

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12 Poland as the destination for Shared Services Centers Table 1 Key economic data for Poland Year 2007 2008 2009 forecast 2010 forecast Real GDP growth (%) 6.6 [S] 4.8 [S] 1.1 [EC] 2.2 [EI] Population (mn) 38.1 [S] 38.1 [S] 38.1 [S] 38.1 [S] Inflation rate (%) 2.5 [N] 4.2 [N] 3.2 [N] 1.9 [N] Unemployment rate (%) 11.2 [S] 9.5 [S] 12.3 [EI] 11.5 [EI] Source: EC – European Commission, S – Central Statistical Office, N – National Bank of Poland, EI - Economist Intelligence Unit. Presented forecasts were prepared in 2008; actual data at the 2009 and 2010 year-end may be different due to specific market conditions Progressive economic growth is additionally strengthened by EU structural funds – Poland is likely to rank first out of all EU countries in the total amount of contributions granted in the period of 2007-2013. In this decade, the Polish currency had been steadily gaining strength against both the US Dollar and the Euro, mainly due to large-scale direct investments and increasing efficiency of the economy. This trend continued until mid-2008. However, since then the exchange rate of the Polish Zloty has fallen considerably against both currencies. Chart 1 Average exchange rate for the PLN against the USD and EUR in the period of Dec 2002 – Apr 2009 PLN 6,00 5,00 4,00 3,00 2,00 1,00 0,00 Dec 2002 Jun 2003 Dec 2003 Jun 2004 Dec 2004 Source: National Bank of Poland (NBP) Jun 2005 Dec 2005 Jun 2006 Dec 2006 1 USD 1 EUR © 2009 KPMG Sp. z o.o. a Polish limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. Jun 2007 Dec 2007 Jun 2008 Dec 2008 Feb 2009 Apr 2009
Poland as the destination for Shared Services Centers 13 Since February 2009 the situation has began to stabilize and the exchange rate of the Zloty against all major currencies is once again beginning to improve. The sharp devaluation of recent months has nothing to do with the condition of Poland’s economy and forecasts in this domain remain very favorable for the country. It was rather a result of currency speculations (including currency options), as well as a steady withdrawal of capital from the market. Table 2 Yearly average exchange rates in the period 2003 – 2010 Year 2003 2004 2005 2006 2007 2008 estimation Exchange rate PLN/EUR (average) Exchange rate PLN/USD (average) 2009 forecast 2010 forecast 4.00 [N] 4.53 [N] 4.03 [N] 3.90 [N] 3.78 [N] 3.52 [N] 4.30 [G] 4.00 [G] 3.89 [N] 3.65 [N] 3.23 [N] 3.10 [N] 2.77 [N] 2.41 [N] 3.30 [G] 3.00 [G] Source: N – National Bank of Poland, G – The Gdansk Institute for Market Economics. Presented forecasts were prepared in 2008, actual data at the 2009 and 2010 year-end may be different due to specific market conditions The exchange rate has to be considered in light of the current economic crisis. World Bank’s report regarding the state of economies in 10 new EU Member States shows that the global crisis has affected Poland’s economy by decreasing external demand for Polish exports, which in turn leads to limited economic activity and lower FDI inflows. However, Poland is in the best fiscal and financial condition among all new EU countries, and according to the World Bank its GDP will nevertheless increase by 2% in 2009. A recent report by the European Bank for Reconstruction and Development (EBRD) 4 also recognizes Poland’s economic situation as the best in the Central and Eastern Europe region. It states that the reaction of Poland’s economy to the crisis will be less sudden than in other CEE countries. EBRD experts believe that Poland will be among the few countries, where the crisis will only limit the economic growth rate. A similar opinion has been expressed by experts from one of the world’s biggest banking and financial institutions – HSBC. In their economic forecasts for 2009 5 HSBC analysts state that Poland’s economy stands out from among other countries of the CEE region; it has solid foundations protecting it from the effects of the global economic slowdown and allowing it to retain good economic condition in 2009. 4 EBRD Transition Report 2008: Growth in transition – the report analyzes economic results and the pace of introducing reforms in the countries of Central Europe, the former Soviet bloc, Mongolia and the Balkans. 5 Global Economics 2009 report analyzing all European economies. © 2009 KPMG Sp. z o.o. a Polish limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved.
Page 1 and 2: Poland as the destination for Share
Page 3 and 4: Contents Poland as the destination
Page 5 and 6: Foreword Poland as the destination
Page 7 and 8: 1 Introduction Poland as the destin
Page 9 and 10: 2 Why Poland attracts investors 2 .
Page 11: Poland as the destination for Share
Page 15 and 16: Chart 2 Structure of foreign direct
Page 17 and 18: 2 .5 Infrastructure Poland as the d
Page 19 and 20: 2 .6 Human capital Poland as the de
Page 21 and 22: 2 .7 Labor costs Poland as the dest
Page 23 and 24: 3 Poland as the destination for Sha
Page 27 and 28: 4 Shared Services Centers in Poland
Page 31 and 32: 4 .2 .2 Delphi Company overview Pol
Page 33 and 34: 4 .2 .4 Samsung Company overview Ye
Page 35 and 36: 4 .3 Case study - Hewlett-Packard P
Page 37 and 38: 5 Poland as the destination for Sha
Page 39 and 40: 5 .1 Kraków (Cracow) Skawina 44 94
Page 45 and 46: 5 .2 Lublin 17 19 Official website
Page 49 and 50: 5 .3 Łódź Pabianice 14 72 71 Ozo
Page 51 and 52: Labor market Poland as the destinat
Page 53 and 54: 5 .4 Poznań 92 5 11 Luboń Officia
Page 55 and 56: Labor market Employment in enterpri
Page 57 and 58: 5 .5 Szczecin Kołbaskowo 13 31 Szc
Page 59 and 60: Labor market Employment in enterpri
Page 61 and 62: 5 .6 Trójmiasto (Tri-city) 20 Offi
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Dwellings completed (2008) 6,436 Dw
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Poland as the destination for Share
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5 .7 Warszawa (Warsaw) Pruszków Ł
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5 .8 Wrocław 94 Official website o
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Labor market Employment in enterpri
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6 Why Poland as the Poland as the d
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7 Legal aspects of Poland as the de
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7 .4 Contracts 7 .4 .1 Polish law o
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7 .6 .3 Major rules and regulations
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KPMG services Poland as the destina
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KPMG in Poland Warsaw ul. Chłodna
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