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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.
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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 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.
At a meeting with Slovak Economists, Mr. Gurría underlined that the OECD has developed a strategic response to deal with the current situation, while at the same time addressing the interaction between different policy actions in our economies.