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The first Polish state was created in 966, within territory very similar to the present boundaries of Poland. Poland became a kingdom in 1025, and in 1569 it cemented a long association with the Grand Duchy of Lithuania by uniting to form the Polish-Lithuanian Commonwealth. The Commonwealth collapsed in 1795. Poland regained its independence in 1918 after World War I but lost it again in World War II, occupied by Nazi Germany and Soviet Union, emerging several years later as a communist country within the Eastern Bloc under control of the former Soviet Union. In 1989, communist rule was overthrown and Poland became what is informally known as the "Third Polish Republic". Today, as the 6th most populated member state of the European Union, Poland is a liberal democracy made up of sixteen voivodeships (Polish: województwo). Poland is also a member of European Union, NATO, the United Nations, OECD and the World Trade Organization. Economy Since the fall of communism, Poland has steadfastly pursued a policy of liberalising the economy and today stands out as a successful example of the transition from a state-directed economy to a primarily privately owned market economy. The privatisation of small and medium state-owned companies and a liberal law on establishing new firms have allowed the development of an aggressive private sector. As a consequence, consumer rights organisations have also appeared. Restructuring and privatisation of "sensitive sectors" such as coal, steel, railways, and energy has been continuing since 1990. Between 2007 and 2010, the government plans to float twenty public companies on the Polish stock market, including parts of the coal industry. To date (2007), the biggest privatisations have been the sale of the national telecoms firm Telekomunikacja Polska to France Telecom in 2000, and an issue of 30% of the shares in Poland's largest bank, PKO Bank Polski, on the Polish stockmarket in 2004. Poland has a large number of private farms in its agricultural sector, with the potential to become a leading producer of food in the European Union. However, problems remain, especially under-investment. Structural reforms in health care, education, the pension system, and state administration have resulted in larger-than-expected fiscal pressures. Warsaw leads Central Europe in foreign investment[citation needed] and needs a continued large inflow. GDP growth had been strong and steady from 1993 to 2000 with only a short slowdown from 2001 to 2002. The prospect of closer integration with the European Union has put the economy back on track, with growth of 3.7% annually in 2003, a rise from 1.4% annually in 2002. In 2004, GDP growth equaled 5.4%, in 2005 3.3% and in 2006 6.1%. For 2007, the government has set a target for GDP growth at 6.5 to 7.0%. The long standing head of the National Bank of Poland, Leszek Balcerowicz, was replaced by Sławomir Skrzypek in January 2007. At first the markets reacted sceptically and fell, but since then have stabilized and then risen sharply. Part of the information are from www.wikipedia.org respecting the terms of the GNU Free Documentation License
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