Slovakia finished 43rd in the list of the countries most suitable for doing the business, which is compiled by the Forbes economic magazine. Though the country has made significant economic reforms since its separation from the Czech Republic back in 1993, Slovakia placed worse than its western neighbour which finished 41th, the SITA newswire reported on November 16.
The Forbes magazine praised Slovakia for its reforms involving taxation, healthcare, pensions, and social welfare systems, which helped the country consolidate its budget and get on track to join the European Union in 2004 after a period of relative stagnation in the early and mid 1990s, and to adopt the euro in January 2009, according to the Forbes.com website.
“Major privatisations are nearly complete, the banking sector is almost entirely in foreign hands, and the government has helped facilitate a foreign investment boom with business friendly policies,” the website reads.
Moreover, the magazine highlighted the fact that while in 2009 the economy of Slovakia dropped by 5 percent, it restored in the following years and achieved 4 percent growth in 2010 and 3.3 percent in 2011.
In addition to this, the government of previous prime minister Iveta Radičová “implemented reforms to curb corruption and improve government accountability - a major source of discontent with many Slovaks - and trimmed the budget deficit to 4.9 percent of GDP in 2011”, according to Forbes.com.
The Forbes list of the countries most suitable for doing the business is led by New Zealand, praised for its transparent and stable business environment. Denmark placed second, followed by Hong Kong and Singapore. On the other hand, Guinea, Chad and Zimbabwe earned some of the lowest scores of the 141 countries surveyed.
Source: SITA, Forbes.com
Compiled by Radka Minarechová from press reports
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