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Structural reforms are key to achieving stronger, more inclusive and sustainable growth. Reforming the public sector together with transport infrastructures, skills and innovation policies would help raise growth and reduce regional inequality.
In the past year, Slovakia has made considerable progress in recovering its economic dynamism. GDP is set to grow by 2.6% in 2014 and 2.8% in 2015, double the rate of 2013. We estimate that the rate of economic expansion will increase further in 2016 to reach 3.4%. Slovakia’s real GDP per capita is now further ahead of pre-crisis levels – than in any other Eurozone country.
Slovakia’s growth performance has improved, but there is still a lot to get growth back to pre-crisis rates, and to ensure all regions and segments of society can benefit. The country is still facing worryingly high levels of unemployment, which peaked at 14% in 2013. Two-thirds of those without jobs were affected by long-term unemployment.
Economic recovery is picking up in the Slovak Republic, but regional disparities and high unemployment must be addressed to ensure balanced inclusive growth over the long-term, according to the latest OECD Economic Survey of the Slovak Republic.
OECD's 2014 Economic Survey of the Slovak Republic examines recent economic developments, policies and prospects. Special chapters cover reforming the public sector and spurring growth in lagging regions.
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The Slovak Republic is one of the most dynamic economies in the euro area. The country has continued to converge rapidly towards the living standards of advanced OECD economies. However, the Slovak Republic should continue on its path of reform to achieve balanced, fair and sustainable growth, according to a new OECD report.
The Slovak economy experienced a strong but short recession in 2009. The recovery afterwards was driven by exports and investment. While GDP growth was one of the strongest in OECD, employment did not reach the pre-crisis level and unemployment remains stubbornly high.
The challenge for fiscal policy in Slovakia is to achieve fiscal consolidation in a way which supports
the fragile recovery and protects spending on areas which are important for re-embarking on a trajectory of
high trend growth and underpinning a catch-up in living standards.
In Slovakia, educational outcomes are below the OECD average and are too dependent on the
socioeconomic background of students.
The Slovak Republic recovered strongly from the global economic crisis and is weathering well the storm that has struck its main European trading partners. The challenges going forward will be restoring public finances while driving down unemployment and fostering long-term inclusive growth, says the latest Economic Survey.