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Analysts: 2009 will bring economic slowdown, but still growth

This year will bring a slow down of the Slovak economy that is connected to the global financial and economic crisis that can't be brushed aside. Despite the deceleration, however, the country should still have one of the fastest-growing economies in Europe, analysts told TASR on January 4.

This year will bring a slow down of the Slovak economy that is connected to the global financial and economic crisis that can't be brushed aside. Despite the deceleration, however, the country should still have one of the fastest-growing economies in Europe, analysts told TASR on January 4.

"The year 2009 will bring a deceleration in the growth of the Slovak economy, as the recession in the USA and the euro-zone will affect Slovakia as well, along with a fall in demand for the products that we export to these countries. I expect growth of around 4 percent," Slovenská Sporiteľňa analyst Michal Mušák told TASR.

"A crisis-related fall in consumption and demand around the world will lead to weakening demand for Slovakia's products exported abroad,“ said Poštová Banka analyst Eva Sarazová, who expects economic growth of almost 5 percent.

„This will undoubtedly be linked to a slowdown in production, which will go hand-in-hand with closed operations, prolonged factory-wide holidays but more selective redundancies."

Despite the negative influences, Slovakia should remain attractive to foreign investors, thanks to its lower costs, suitable geographical location and cheaper workforce.

"Slovakia's accession to the euro-zone has also made a contribution. The adoption of the euro has removed exchange-rate, transaction and other administration costs," said Sarazová.

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