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Standard & Poor’s rating agency improves Slovakia’s economic outlook

Standard & Poor’s, an international rating agency, improved the outlook for the Slovak economy from stable to positive and confirmed the rating of the country’s liability at A+/A-1, the SITA newswire reported.

Standard & Poor’s, an international rating agency, improved the outlook for the Slovak economy from stable to positive and confirmed the rating of the country’s liability at A+/A-1, the SITA newswire reported.

Standard & Poor’s noted that the economic and fiscal reforms Slovakia has made during the past 10 years as well as the strong economic potential of the country and its slow growth in public indebtedness. On the other hand, the rating agency criticised the country’s high unemployment rate.

The rating agency also predicted that Slovakia will reach its goal of decreasing its budget deficit below 4 percent of GDP in 2013.

“It is proof that the responsible policy of the government can bring good results,” said Prime Minister Iveta Radičová. “Governmental measures to sanitise public finances and stabilise the economy is the only way to protect and gradually increase the standard of living of Slovak citizens.”

Radičová welcomed the decision of Standard & Poor’s because it was made during the ongoing debt crisis in some European countries. She promised to continue to prepare further measures to stabilise the Slovak economy and create new jobs.

The Finance Ministry also praised the improvement in Slovakia’s rating. Its spokesperson Martin Jaroš said that the decision confirmed the leadership of Slovakia in the central European region.

“The Finance Ministry will not give up its ambition to cut the deficit of public finances to 3.8 percent of GDP in 2012,” Jaroš said, as quoted by SITA.

Another international rating agency, Moody’s, also improved the outlook for Slovak banks from negative to stable due to a revived economy and higher profitability of the banks. Moody’s predicted that the tempo of Slovakia’s economic growth will reach 3.5 percent this year and nearly 4 percent in 2012.

Source: SITA

Compiled by Radka Minarechová from press reports
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