Although Slovakia’s surging economy has earned it the title “Tiger of Europe”, it will take at least another 15 years for it to catch up with developed EU countries’ standard of living, the Hospodárske noviny economic daily wrote on December 19.
True, GDP growth in Slovakia is approaching 10 percent annually, while the EU15 is experiencing 2.7 percent this year and 2.2 percent in the following two years, but the EU15 had such a huge head start on Slovakia that even a several-times faster GDP growth would take 15-20 years to make up for the lost time, the daily wrote.
Slovakia’s GDP growth rate will eventually slow as well. And even if it doesn’t, having a better GDP per capita does not automatically mean a better standard of living than in the “rich” European countries, analysts stressed. SITA
Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.
19. Dec 2007 at 16:00