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IN SHORT BUSINESS

World Bank report praises Slovakia

THE LATEST report from the World Bank says that of the eight former communist countries that joined the EU in 2004, Slovakia is leading the field in economic reform.

The World Bank also noted, however, that the country needs to continue implementing the reforms, according to the daily SME.

The report says that Slovakia's gross domestic product (GDP) growth was 5.4 percent for the third quarter in 2004, unemployment was at 17.5 percent, inflation at 6.4 percent and foreign direct investments as a proportion of GDP reached 3.3 percent.

Slovakia needs to keep working to improve its business environment and transport infrastructure. The authorities should also concentrate on their currency policies, control inflation and implement the approved health and pension reforms.

Apart from Slovakia, countries evaluated in the report included the Czech Republic, Hungary, Poland, Latvia, Lithuania, Slovenia, and Estonia.

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