2022 OECD Economic Surveys: Slovak Republic 2022

image of OECD Economic Surveys: Slovak Republic 2022

After a deep recession in 2020, economic activity has rebounded. However, supply disruptions and a low vaccination rate are making the future pace of the recovery more uncertain. An ambitious recovery plan and substantial inflows of EU funds provide a unique opportunity to strengthen the economy, but effective and timely implementation will require continued efforts to improve public procurement and public investment management. In the medium-term, rapid population ageing will exacerbate fiscal challenges and weigh on long-term growth. To prepare for an ageing society, pension, health and long-term care, and labour market reforms are needed to extend working lives, improve the health of the ageing population, and enhance the efficiency of public spending. At the same time, population ageing reinforces the need to boost productivity. To reinvigorate the economic convergence process and make growth more inclusive and sustainable, policies to promote adequate skills, foster domestic innovation capacity, and better price environmentally harmful activities are needed.


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Key Policy Insights

Slovakia is recovering from the COVID-19 crisis. The impact of the crisis has been severe (). Economic activity rebounded strongly in the second half of 2020 as manufacturing output recovered quickly. However, the pace of the recovery has slowed since then and GDP remained about 1.5% below its pre-pandemic level in the third quarter of 2021. Uncertainty around the outlook remains high with relatively low vaccination rates and supply shortages, notably in the automotive sector.



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