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Slovak Republic

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L’économie slovaque évolue sur une trajectoire de croissance élevée qu’alimente l’expansion des investissements directs de l’étranger (IDE), attirés par des conditions d’activité favorables dans un pays qui sera bientôt intégré à l’UE. À cet égard, il est frappant de constater que...

English

Une politique monétaire réactive et la mise en route de l’assainissement budgétaire ont contribué à améliorer les équilibres macroéconomiques en 2002 et dans le courant de 2003. La Banque nationale de Slovaquie (BNS) a poursuivi efficacement ses objectifs de désinflation au cours de la période examinée et est...

English
L’expansion de la demande intérieure, qui s’est amorcée au premier semestre 2004, s’est accélérée et la croissance du PIB devrait se maintenir entre 4¾ et 6 % sur la période considérée. Cependant, la progression de l’emploi a été décevante et le taux de chômage ne devrait pas revenir au-dessous de 17 % avant la fin de 2006.
La politique budgétaire a donné de bons résultats, mais le projet de passage à l’euro en janvier 2009 ne pourra rester crédible que si les objectifs de réduction des dépenses sont scrupuleusement respectés. En outre, tout signe de surchauffe ou de regain d’appréciation de la monnaie slovaque pourrait nécessiter un durcissement de la politique budgétaire.
English
The expansion in domestic demand that began in the first half of 2004 has gathered pace, and GDP growth is expected to remain in the 4¾ to 6% range over the projection horizon. However, employment growth has disappointed, and the unemployment rate is not expected to fall below 17% until late 2006.
Fiscal policy outcomes have been good, but the plan to adopt the euro in January 2009 will remain credible only if strict adherence to planned expenditure cuts is achieved. Moreover, any sign of overheating or renewed exchange rate appreciation may require tighter fiscal policy.
French
The Maastricht criteria for accession to the euro area can be difficult for any economy to achieve, not least because of the challenges posed by the “impossible trinity”, which suggests that it is not possible to target both a stable exchange rate and stable inflation at the same time as maintaining free capital mobility. But for poorer economies which are catching up to the living standards of the wealthier EMU members, the challenges are magnified. This is because economies with very high productivity growth may have larger Balassa-Samuelson effects, resulting in higher steady state inflation rates as well as gradually appreciating equilibrium real exchange rates. While some nominal appreciation is permitted during ERM-II membership, the rules do not make it easy to signal the magnitude of expected appreciation. This may lead to poorly anchored exchange rates, making the catching-up economies more vulnerable to the challenges of the impossible trinity. Moreover, countries that have recently introduced fully-funded pension pillars which involve high transition costs, may find it difficult to meet the Maastricht criteria for government finances. It is unclear whether recent changes to the Stability and Growth Pact will alleviate the short-term fiscal pressure on countries that have improved the long-term sustainability of their government finances at the cost of short-term deterioration to their fiscal deficits. The example of Slovakia is used to illustrate these points, and a number of policy guidelines are proposed to minimise the risks. This Working Paper relates to the 2005 OECD Economic Survey of the Slovak Republic (www.oecd.org/eco/surveys/slovakia).
  • 27 Sept 2005
  • OECD
  • Pages: 156

OECD's 2005 survey of Slovakia's economy covers key economic challenges including policies for Euro area succession, policies to boost job creation and labour mobility, improving conditions for innovation and growth, and building a modern public sector.

French
Slovakia’s fundamental tax reform of 2004 considerably improved the simplicity and efficiency of the tax system by eliminating exemptions and special regimes and setting the rates for the personal income tax (PIT), the corporate income tax (CIT) and the value added tax (VAT) all equal to 19%. This paper assesses the impact of this reform in the context of Slovakia's wider package of economic reforms. With respect to economic efficiency, the two key conclusions are as follows: First, the reforms are expected to improve both the level and efficiency of capital investment in Slovakia – although further improvements could be made by eliminating the double taxation on projects financed by retained profits. Second, the combination of the tax and social benefit reforms has enhanced the incentives for unemployed workers to seek work, which should result in higher labour supply. Labour demand should also have increased, thanks to the more flexible labour market. However, as overall taxes on labour remain high, labour demand for very low skilled workers may not pick up without further reforms to reduce the cost of employing such workers. With respect to equity considerations the assessment is less clear cut. On the one hand the flat personal income tax has benefited both low income earners and very high earners, particularly those with families, while middle-income earners, particularly single earners appear to be somewhat worse off. The increase in VAT and the welfare reform also have distributive effects. The net result of these reforms has been a significant cut in the real incomes of social beneficiaries who are not working. On the other hand, by raising labour productivity and reducing structural unemployment the reforms have the potential to benefit the low-skilled population also – provided other public policies are in place to facilitate this outcome. This Working Paper relates to the 2005 OECD Economic Survey of the Slovak Republic (www.oecd.org/eco/surveys/slovakia)
  • 07 Oct 2005
  • OECD
  • Pages: 552

This reliable source of annual data provides data on the value in US dollars of international trade of OECD countries broken down by commodity and by partner country. Each of the first four volumes of International Trade by Commodity Statistics contains the tables for seven countries, published in the order in which they become available. The fifth volume includes the OECD main country groupings (OECD-Total, NAFTA, OECD-Asia and Pacific, OECD-Europe and EU15-EXTRA). Commodities are indicated according to the Standard International Trade Classification (SITC), Revision 3, Sections and Divisions (one- and two-digit levels). Each table presents imports and exports of a given commodity with about one hundred partner countries or country groupings (NAFTA, etc.) for the most recent six-year period available.

La croissance du PIB devrait rester de l’ordre de 5½ à 6½ pour cent, avec une accélération de la progression de l’emploi. Cependant, les risques d’inflation refont surface et le chômage structurel reste très élevé.

Les conditions monétaires comme les conditions budgétaires devront être durcies durant la période couverte par les prévisions afin d’atténuer les risques d’inflation, de réduire encore le déficit budgétaire et d’assurer que le plan de passage à l’euro en janvier 2009 reste crédible.

German, English
GDP growth is expected to continue in the 5½ to 6½ per cent range and employment growth is picking up. However, inflation risks are re-emerging and structural unemployment remains very high.

Both monetary and fiscal conditions will need to tighten over the projection horizon, in order to damp inflation risks, further reduce the fiscal deficit, and ensure that the plan to adopt the euro in January 2009 remains credible.

German, French
  • 27 Mar 2006
  • International Energy Agency
  • Pages: 248

This review analyses the Slovak energy sector and policies, and provides recommendations for the government. It is a comprehensive assessment of what constitutes a remarkable case study of effective energy reforms in an economy in transition, which has applied for IEA membership.

  • 31 Mar 2006
  • OECD, Nuclear Energy Agency
  • Pages: 24
English
  • 31 Mar 2006
  • OECD, Nuclear Energy Agency
  • Pages: 21

This publication provides comprehensive information on the regulatory and institutional frameworks governing nuclear activities in the Slovak Republic. It examines the general regulatory regime, including mining, radioactive substances and equipment, nuclear installations, trade in nuclear materials, radiation protection, radioactive waste management, non-proliferation and physical protection, transport, and nuclear third party liability; and has another section covering the institutional framework including regulatory and supervisory authorities, advisory bodies, and public and semi-public agencies.

French

Das BIP-Wachstum dürfte sich mit Raten von 5½-6½% fortsetzen, und das Beschäftigungswachstum belebt sich. Indessen kommen erneut Inflationsrisiken auf, und die strukturelle Arbeitslosigkeit bleibt sehr hoch.

English, French

The Slovak cluster chapter assesses whether the break-up of long-standing industrial structures has led to the rapid appearance of new industry clusters in Slovakia and whether a link exists between those new regional industry clusters and foreign direct investment. Four selected “sectoral clusters” (automotive, electronics, chemicals and clothing) are then introduced in more detail to understand the location and clustering behaviour of firms within their national and regional economies. Finally, Slovak clusters are assessed in an international perspective, with special attention paid to the Bratislava-Vienna border region.

Le régime public de retraité lié à la rémunération est récemment passé d’une formule standard à prestation définie à un système à points, avec acquisition annuelle de droits à une pension minimum liée au salaire minimum...

English

The earnings-related, public scheme has recently been transformed from a standard defined-benefit formula to a point system. There is a minimum annual pension accrual related to the minimum wage...

French
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