Productivity growth is higher than the OECD average, but has slowed considerably since the 2008-09 recession. Reforming the educational system is a top priority, to extend educational opportunities to all and to enhance workers’ capacity to learn the new skills.
- Develop professional tertiary education programmes. Regularly publish information on labour market outcomes of graduates.
- Strengthen policies to promote life-long learning.
- Establish training vouchers to boost education enrolment. Offer financial incentives for apprenticeships.
- Encourage co-operation between public and private R&D institutions and introduce R&D tax credits.
- Improve the business environment, and reduce regulatory barriers to competition.
- Strengthen competition in retail trade.
Source: OECD May 2017 Economic Outlook database.
Nicolae-Dragos Bie, (2015), "Economic growth in Slovakia: Past successes and future challenges", Economic brief 008, European Commission’s Directorate-General for Economic and Financial Affairs, March 2015.
Kotulica R., KravcakovaVozarovaa I., Nagya J., Huttmanovaa E., Vavreka R. (2015), "Performance of the Slovak Economy in relation to labour productivity and employment", Procedia Economics and Finance, Vol. 23, 2015.
Productivity - enhancing institutions
The Institute for financial policy (IFP) is a policy arm of the Finance Ministry, which provide reliable macroeconomic and fiscal analyses and forecasts for the Slovak government and public. It mainly focuses on analyses and forecasts development of the Slovak economy and provides analyses and forecasts revenues of the public budgets fiscal policy, public finance and its sustainability. Moreover, IFP analyses government expenditure and structural policies, e. g. education, health or environment, from the Finance Ministry’s perspective.