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2002 OECD Economic Surveys: Slovak Republic 2002

image of OECD Economic Surveys: Slovak Republic 2002

This 2002 edition of OECD's periodic reviews of the Slovak economy  examines recent economic developments, policies, and prospecdts and includes special features on addressing high unemployment and on enhancing market forces.

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Recent Trends and Prospects

The Slovak economy has recovered from its economic downturn of 1998 to 2000, which reduced output growth to an annual rate of 2 per cent. The period of weak growth had resulted from a stabilisation package introduced to correct large imbalances, notably a current account deficit of nearly 10 per cent of GDP in 1998. The package consisted of fiscal tightening and a number of structural reforms to advance the development of a market economy. The initial result of this policy package was a nearly 10 per cent contraction in final domestic demand over the period 1998 to 2000, although a large positive contribution from external demand enabled the economy to avoid a recession (Figure 1). In 2001, domestic demand rebounded strongly, led by a....

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