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The adoption of the euro at the start of 2009 marks a major achievement for the Slovak Republic. The main policy challenge is to sustain high trend growth while adjusting to life in the euro area. This requires structural reforms.
The Slovak economy has enjoyed a stellar performance in recent years, growing significantly faster than other OECD economies. However, the economy is now facing a major slowdown reflecting the headwinds from the global economy.
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Adoption of the euro on 1 January 2009 marks a significant achievement for the Slovak Republic. This hard won result will bring many benefits but will also pose challenges. Decisive policy action will be needed in a number of areas to maintain high growth in the coming years.
M. Gurría stated that the main policy challenge for the Slovak Republic is to sustain high trend growth while adjusting to life in the euro area. This requires structural reforms in the areas of labour and product markets, fiscal policy and in the housing sector.
OECD’s latest economic survey of the Slovak Republic, to be published on Monday 9 February 2009, looks at such challenges as the adoption of the euro and the impact of the global slowdown. It discusses how increasing flexibility would strengthen sustainable economic growth.
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External links to: recent economic data; current interest rates and exchange rates; latest macroeconomic reports; current outlook and projections; government budget information; speeches; relevant sites.
Traditionally, the Norwegian compulsory education system has focused strongly on the linked goals of equal opportunities to learn, comprehensive and inclusive education.
Nigel Pain, OECD Senior Economist, on the Challenges facing the Euro Area Economy
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After a sustained period of good macroeconomic performance, new challenges have emerged for the euro area economy. Output growth moderated through 2007 and continued to lose momentum through 2008, with GDP declining in both the second and third quarters of the year. The slowdown has been compounded by the international financial market turmoil that began in August 2007 and intensified in September 2008. World economic activity has
The onset of recession amid tumbling inflation and continued financial market turmoil is posing considerable challenges for macroeconomic policy and ECB financial market operations.