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2017 OECD Economic Surveys: Slovenia 2017

image of OECD Economic Surveys: Slovenia 2017

The economy is experiencing a strong recovery after a prolonged period of low growth following the international financial and domestic banking crises.  The current economic prosperity reflects a combination of recent structural reforms, business restructuring, supportive monetary conditions and improved export markets. A downside is that unemployment consists increasingly of low-skilled and older workers who are unable to fill emerging labour shortages. In addition, long-run growth prospects are hindered by a rapidly ageing population and low productivity growth, partly linked to product market issues.  The 2017 Survey makes key policy recommendations to secure fiscal sustainability through pension and health care reform. In addition, the Survey recommends measures to enhance economic growth by boosting investment incentives in human and physical capital. Such investments will improve the skills and adaptability of the Slovenian workforce and promote competitive firms, fostering faster productivity growth and higher living standards for all Slovenians by ensuring more inclusive growth.

SPECIAL FEATURES: ENHANCING SKILLS; COMPETITION POLICY AND REGULATION

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Raising living standards and supporting investment by boosting skills

Higher living standards and well-being, as well as convergence with more advanced economies, will depend on achieving higher productivity, which in turn would be boosted by more investment in capital. In particular, investment in knowledge-based capital and greater inward FDI can help Slovenia develop its economy and improve global integration. Complementing such investments requires a workforce, which is given the opportunities and incentives to continuously engage in upskilling and seek employment where they are most productive, in the process raising their incomes. Reskilling can be improved by boosting the links between educational institutions and local and foreign firms, helping Slovenia to overcome its problems of long-term unemployment and low employment rates of older workers. Improving life-long learning will allow workers to adapt to a changing economic environment and thereby contribute to their own well-being. Adjusting wage determination and broadening labour market activation measures can smooth these adjustments.

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