Executive summary

The Slovak economy recovered very strongly after the global financial and economic crisis and will remain among the strongest in the OECD. However, job creation is disappointing, domestic demand remains subdued and the external drivers of growth risk fading away. The fiscal room gained in the run-up to euro accession quickly evaporated during the crisis, and public debt has increased considerably since 2008. The main priorities now are to restore public finances while fostering domestic drivers of growth and ensuring the funding of items to promote growth, such as education and active labour market policies. The government has put together a credible consolidation programme for debt stabilisation, but long-term fiscal sustainability issues remain unresolved. This Economic Survey makes recommendations on how to improve the fiscal framework, raise labour market performance, and strengthen outcomes of the education system.

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