Slovak Chamber of Commerce expects modest economic recovery in 2010

The Slovak economy this year should continue in the trend of stabilisation and experience the first signs of recovery in the second half of the year, the Slovak Chamber of Commerce and Industry (SOPK) states in its document on basic macroeconomic indicators, the SITA newswire reported.

The Slovak economy this year should continue in the trend of stabilisation and experience the first signs of recovery in the second half of the year, the Slovak Chamber of Commerce and Industry (SOPK) states in its document on basic macroeconomic indicators, the SITA newswire reported.

The report notes that economic recovery will be gradual and slow and that the economic output will remain below its potential for several more years. The chamber estimates that even if the economy grows by the estimated rate of two to three percent in 2010 and at a moderately higher rate in 2011, the GDP will only reach the level recorded at the end of 2008 in the second half of 2011.

With regard to the expected moderate economic growth and stagnating employment, the chamber estimates that an increase in labour productivity rather than in the employment rate will contribute to economic growth this year and next year.

“We estimate that in the second half of 2010 and in 2011 relevant signs of recovery will be noticed also in the Slovak labour market,” the chamber wrote, as quoted by SITA. SITA

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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