Soviet satellites now starring in economic growth

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Krakow, Poland - If you think that China and India are the rising stars of the developing world, you may be missing a big part of the story. Increasingly, it's the countries of the former Eastern Europe.

The 10 former Soviet-bloc nations of Eastern Europe that joined the 25-member European Union (EU) on May 1 are not only the fastest growing economies of Europe, but are also displacing Mexico and Brazil as among the developing world's biggest magnets for foreign investments.

During my visit to Krakow , once a Polish capital that has become a tourism and industrial center, I saw signs of progress nearly everywhere, and a general mood of optimism about the future. Two luxury hotels - a Sheraton and a Radisson - have just opened near the Central Square, where the 13th Century St. Mary's Basilica coexists with new cafes and fashion stores. The former Jewish ghetto of Kazimierz - the setting of Steven Spielberg's Schindler's List - has been turned into a tourism mecca.
New foreign investments have sprung up near Krakow , and unemployment - still high at about 19 percent - is beginning to drop. Multinationals such as Philip Morris, Motorola and the French car part manufacturer Valeo have set up plants in this area over the past few months.
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Source: The Miami Herald
Nowoczensne projekty domów