Spectator on facebook

Spectator on facebook

Slovakia drops three spots in World Competitiveness ranking

Slovakia dropped from 30th to 33rd place in the most recent World Competitiveness Yearbook 2009 which was published by the International Institute for Management Development on May 20, the TASR newswire wrote.

Slovakia dropped from 30th to 33rd place in the most recent World Competitiveness Yearbook 2009 which was published by the International Institute for Management Development on May 20, the TASR newswire wrote.

Slovakia stands as the 33rd most viable economy among 57 surveyed countries. Compared to neighbouring countries, Slovakia came behind the Czech Republic which placed 29th in the survey, but ahead of the 44th place Poland and 45th place Hungary, said Ján Oravec to TASR. Oravec is head of the F.A. Hayek Foundation think-tank in Bratislava which supplied the institute with data about Slovakia.

In the next few years Slovakia faces large challenges in bringing down the public finances deficit, cutting the tax burden for the business sector, and boosting the quality of the healthcare and social systems, said Oravec.

“We could well do with the reform of education system and science intended to underpin innovation and boost protection of foreign investors,” Oravec added.

Among the Slovakia’s best-rated economic development criteria were real GDP growth and openness of the economy, while high joblessness and Slovak firms' low investment abroad were noted as drawbacks. In terms of efficiency, the government was best evaluated for the simple tax system and its support for foreign investors.

“A decline in public finances, the high payroll-tax, an uncertain legal environment and government interference in business activity and subsidies of state businesses were worst-rated," Oravec said.

Low labour cost, transparency in financial institutions and regulation of risks in financial markets were positively evaluated in terms of efficiency of businesses, while the country was shown to have a poorly developed capital market and too few qualified top managers. 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.

Top stories

A Slovak prisoner tattooed in Auschwitz, remained silent until he grew very old

Lale Sokolov fell in love in the concentration camp; only those close to him knew his story.

A tattoo, illustrative stock photo

Kiska: Only president can bestow awards

President Andrej Kiska turned to Constitutional Court over the law on state awards recently passed by the government.

President Andrej Kiska granting awards, January 1, 2018

Global warming is a myth, claims a hoax

According to recent hoaxes published online, snow in the Sahara disproves global warming and milk can block airways.

The snowfall in Sahara can be seen in this satellite picture.

Blog: Are flying cars coming to the skies?

At least 19 companies, including a Slovak one, are currently developing flying car planes, but there are still many issues that must be worked out.

AeroMobil