Spectator on facebook

Spectator on facebook

BUSINESS IN SHORT

GDP growth forecasts reduced

SLOVAKIA is expected to continue in its economic growth, but its dynamics should be lower that originally forecast due to an expected slowdown of leading trade partners. The European Commission as well as the Organisation for Economic Cooperation and Development (OECD) issued updated economic forecasts for 2015 and 2016. José Ángel Gurría, Secretary General of the OECD, himself came to Slovakia to present the updated outlook and congratulate Slovakia on its fight against the economic crisis.

SLOVAKIA is expected to continue in its economic growth, but its dynamics should be lower that originally forecast due to an expected slowdown of leading trade partners. The European Commission as well as the Organisation for Economic Cooperation and Development (OECD) issued updated economic forecasts for 2015 and 2016. José Ángel Gurría, Secretary General of the OECD, himself came to Slovakia to present the updated outlook and congratulate Slovakia on its fight against the economic crisis.

Gurría praises the government for managing to maintain solid growth compared to other EU members, to grow productivity and consolidating public finances. Nevertheless, Gurría added that Slovakia must continue to work hard, because its position as a small open economy in an environment of weakening trading partners is increasingly difficult.

“My message is congratulations,” Gurría said, as cited by the SITA newswire. “You did a lot of work in a complex environment, but also there is still much work to do. Count on the OECD in preparing better policies for a better life in Slovakia.”

But he added that in order to ensure long-term sustainable and inclusive growth, Slovakia needs to tackle its high unemployment and regional disparities.

“Unemployment is still high, although it has been falling recently, which is a piece of good news,” said Gurría, as cited by the TASR newswire. He pointed mainly to unemployment among the young.

The OECD forecasts 2.6 percent growth for 2014. Next year, economic growth should accelerate to 2.8 percent and in 2016 to 3.4 percent, according to forecasts.

Earlier in the week the European Commission (EC) also updated its forecast for Slovakia, decreasing the expected growth rate in 2015 from 3.1 percent to 2.5 percent in light of falling prospects for leading trade partners. The German economy’s growth rates halved in 2015 to 1.1 percent instead of the previously expected 2 percent, as did France from 1.5 percent to 0.7 percent.

The EC forecasts that the EU economy will grow by 1.5 percent overall, down from 2 percent because of the Russo-Ukrainian conflict and impacts of sanctions. The EC predicts 3.3 percent growth for Slovakia in 2016.

Top stories

EU roaming fees to end on June 15 – in theory

Slovak customers still waiting to find out how mobile operators will implement change.

Archaeologist pieces together early history of what is now western Slovakia Photo

For an archaeologist, the most important thing is his most recent rare discovery, says Július Vavák.

Students visited Svätý Jur as part of their European Wanderer project

How to sell Slovak books to English readers

Slovak literature makes it to the big bookstores of London, but it is unlikely to become a bestseller yet.

On Wednesday, Slovak literature will be presented in one of the biggest bookstores in London. Among the new books translated into English is also the anthology of current Slovak prose selected and translated by Magdalena Mullek and Júlia Sherwood.

General Prosecutor filed a motion for the dissolution of ĽSNS

The Slovak Supreme Court received a motion to dissolve the extreme right ĽSNS party founded and led by Marian Kotleba.

Jaromír Čižnár