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OECD predicts the 2.8 percent growth in 2015

SLOVAKIA’S economy should rise by 2.8 percent in 2015, the Organisation for Economic Cooperation and Development (OECD) predicts. In the following year, it should even accelerate to 3.4 percent, the TASR newswire reported.

SLOVAKIA’S economy should rise by 2.8 percent in 2015, the Organisation for Economic Cooperation and Development (OECD) predicts. In the following year, it should even accelerate to 3.4 percent, the TASR newswire reported.

OECD praised mostly the restoration of the Slovak economy after the financial crisis as belonging to the most successful in Europe. To secure the long-term sustainable and inclusive growth it is, however, still necessary to tackle high unemployment and differences among Slovak regions.

“The unemployment is still high, though it is dropping, which is good news,” said OECD Secretary General Angel Gurría, who presented the later economic overview for Slovakia in Bratislava on November 5, as quoted by TASR.

Gurría also pointed to the high joblessness of young people, which is also a problem for other OECD countries. Regarding the regional differences, he pointed to the fact that Bratislava is the sixth richest city in Europe; however, the western Slovak region without Bratislava is 239th.

“The jobless rate in Bratislava Region is 6 percent, while in some parts of Slovakia it is 20 percent,” Gurría said, as quoted by TASR.

Therefore, the OECD recommends Slovakia adopt several reforms which should accelerate the growth in central and eastern parts of the country. This includes the reform of and investments into education which the organisation considers crucial tool to remove the differences. It also recommends supporting programmes helping jobseekers and training programmes, as well as providing financial subsidies for the implementation of new technologies and innovations, as reported by TASR.

The OECD also recommends improving road and railway infrastructure and international connections. It also recommends supporting rental housing with the aim to increase mobility of people from weaker regions to more prosperous regions. Moreover, Slovakia should finance and implement measures to support growth and implement necessary fiscal consolidation.

“I consider the recommendations of OECD inspiring,” Slovakia’s PM told the press, as quoted by TASR.

According to him, the advice corresponds with the efforts of his government. In this respect, he mentioned the reform of the dual education at schools or changes to state administration, which include ESO reform.

He also said that he agrees with Gurría’s claim that small countries are at a disadvantage to big ones, as they have to achieve better results and have to be more flexible and more effective. According to him, this is the way which Slovakia can master, TASR wrote.

Source: TASR

Compiled by Radka Minarechová from press reports

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