Opposition: It’s time to admit Slovakia is in recession

The time has come for the Government to openly admit that the Slovak economy is in recession and that the state budget deficit will significantly exceed 3 percent of GDP, said Vladimír Tvaroška, the opposition representative on the Economic Crisis Council, on Tuesday, March 31.

The time has come for the Government to openly admit that the Slovak economy is in recession and that the state budget deficit will significantly exceed 3 percent of GDP, said Vladimír Tvaroška, the opposition representative on the Economic Crisis Council, on Tuesday, March 31.

According to EU provisions, countries in the eurozone must keep their deficits beneath 3 percent, the TASR newswire wrote.

Tvaroška said that the situation should be made clear to the public, and a State Budget Act amendment should be submitted to parliament. He added that the government is beginning to seem at a loss as to how to handle the crisis.

Tvaroška also said that the existing anti-crisis measures aren’t working efficiently and that the government has no other measures prepared that might really improve the situation. That the Council's discussion on Tuesday focused on the scrapyard contribution (which incentivises people to trade in their old cars and buy new ones) only attests to this, said Tvaroška.

The Council decided, said Tvaroška, that it will prolong the scrapyard contribution scheme, even though it has no analysis of the measure’s effects. He said that if it has a neutral effect on the state budget, as Finance Minister Ján Počiatek has said, then the same measure should be applied to other products, such as computers, furniture, TV sets or washing machines. 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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