2007 OECD Economic Surveys: Slovak Republic 2007

image of OECD Economic Surveys: Slovak Republic 2007

Following major economic reforms, the Slovak economy has grown strongly in recent years, but still has some way to go to catch up with the advanced European countries.  This survey of the Slovak economy examines economic challenges faced by Slovakia including sustaining macroeconomic stability in a currency union, increasing employment rates, removing barriers to product market competition, and improving education outcomes.

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Renewing policy initiatives to strengthen product market competition

While general economic regulation does not create substantial impediments to competition, making sector-specific regulation in the network industries and in the liberal professions more competition-friendly could make a significant contribution to boosting consumer welfare and productivity growth as well as raise the share of labour earnings in GDP. In the energy industry, discrimination of market entrants needs to be more effectively prevented and the national market more closely integrated with neighbouring countries. In telecommunications measures to foster the entry of new market participants need to be taken more quickly and the independence of the regulator should be strengthened. In the liberal professions price regulation and entry barriers need to be removed including through abolition of compulsory chamber membership. Public sector reform could help reap the benefits from competitive product markets, by reducing administrative burdens on enterprises, strengthening contract enforcement through reform of the judicial system and encourage competition in public procurement.

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