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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.
Country Notes from OECD Economic Policy Reforms: Going for growth 2011 presenting OECD recommendations for structural reform priorities for individual countries.
The transition to a greener economy supported by international environmental commitments and national policies will entail structural changes in consumption patterns and industry structures, resulting in a reallocation of resources in and between countries.
Raising efficiency in tax collection (notably VAT) is urgently needed, plans to unify the collection of tax and social security contributions should be implemented swiftly and drawing on EU funds needs to become more efficient.
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This note is taken from Chapter 3 of Economic Policy Reforms: Going for Growth 2010.
Economic forecasts for GDP, unemployment, inflation and fiscal balance.