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HN: Fifteen years before Slovakia catches up with Europe

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.

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

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