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OECD Economic Surveys: Slovak Republic 2004

image of OECD Economic Surveys: Slovak Republic 2004

This 2004 edition of OECD's periodic review of the Slovak economy includes special features on rationalising public spending, and structural reforms for enterprise and job creation.

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Structural Reforms for Enterprise and Job Creation

Slovakia has implemented two important rounds of structural reforms in the past five years. First, following the 1998 elections, which put an end to a period of dirigisme and international isolation, key liberalisation reforms resulted in growing inflows of foreign direct investment and large-scale industrial restructuring, triggering a significant improvement of trend productivity growth. There was a strong increase in unemployment during this period, notably among low-skilled workers, while wages remained lower than in comparable OECD transition economies, providing Slovakia with an important cost advantage. Then, following the September 2002 elections, a new government was formed, representing a modification of the previous coalition, and undertook a set of more politically demanding reforms destined to address the structural shortcomings that have hampered the evolution of a vigorous domestic business sector...

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