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This work provides an assessment and forecast of the structural economic changes transforming the Warsaw economy and how they are recasting the City's economic and physical structure. This study uses unpublished statistical data and tailor-made surveys to examine changes in employment, business investment, output, productivity. foreign trade, population, housing, infrastructure services and real estate. The authors explore the implications of these changes on the City's infrastructure systems and stock of building and offer estimates of how much new investment is needed to modernize the City's physical infrastructure base. This will be of interest to urban and regional economists, geographers, urban planners and public finance experts concerned with economies in transition.