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OECD: Slovak economic growth to slow, but retain solid pace

In comparison to other members of the Organization for Economic Cooperation and Development (OECD), Slovakia's economy will maintain a relatively rapid growth over the next two years, reads an OECD report published on November 25, the TASR newswire wrote.

In comparison to other members of the Organization for Economic Cooperation and Development (OECD), Slovakia's economy will maintain a relatively rapid growth over the next two years, reads an OECD report published on November 25, the TASR newswire wrote.

According to OECD analysts, Slovakia's economic growth will fall significantly this year, to 7.3 percent, after reaching 10.4 percent in 2007. It is expected to fall even further next year, to only 4 percent, but will increase again to 5.6 percent in 2010.

The reason for the slowdown is the global financial crisis, which will have negative effects on foreign trade and investment. Inflation in Slovakia will go down in 2009. The overall figure for this year is expected to be 4.4 percent, while in 2007 it stood at 2.8 percent - roughly the figure expected for 2009 and 2010. For comparison, inflation in the eurozone will fall from this year's 3.4 percent to 1.4 percent in 2009 and to 1.3 percent in 2010.

Slovakia's adoption of the euro as of January 1, 2009 will determine the priorities of the country's economic policy. Despite the fact that the expected economic slowdown will lower the risk of risky spending, Slovakia should maintain fiscal discipline and keep a close eye on real-estate prices and household debt, the report reads.

[The European Commission has predicted that Slovakia's economic growth will reach 4.9 percent next year, and the Slovak Finance Ministry expects a figure of around 4.6 percent. - ed. note]. TASR

Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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