Assessment and recommendations

Slovakia has recovered strongly from a deep recession and at a more rapid pace than most other OECD countries. This performance testifies to the ability of the economy, which is highly dependent on exports, to increase productivity growth and achieve wage moderation, thereby regaining international competitiveness. However, GDP growth has remained significantly lower than in the past and underlying imbalances, such as regional labour market disparities, fiscal gaps, and dependence on foreign investors, have become more visible (). As in most OECD countries, the 2008-09 crisis and its aftermath generated significant fiscal consolidation needs and debt has increased sharply. Restoring competitiveness supported vital exports. However, weak domestic demand was a drag on economic activity as labour market remains under stress and significant consolidation measures were implemented.

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