Economic prospects have improved but Slovakia lags behind its neighbours

The country moved up by 11 positions in the KPMG's Growth Promise Indicator.

BratislavaBratislava(Source: TASR/Jaroslav Novák)

The potential of Slovakia's economic productivity and growth has improved. However, it still ranks the worst in the region.

This is according to the KPMG's Growth Promise Indicator 2019. Slovakia ranked 47th out of 180 monitored countries, the SITA newswire reported.

Moving up by 11 positions

The country improved its position by 11 places compared with the previous Growth Promise Indicator. It received 5.90 points out of 10, up from last year's 5.04 points.

“Although we ranked the worst of the V4 countries, we reported the highest improvement in the ranking,” reads the KPMG report, as quoted by SITA.

Read also:Discontent with the business environment in Slovakia continues Read more 

Slovakia's weakest area is human development, the evaluation of which includes the education system, encompassing primary, secondary and university education, test results and average life expectancy. The country received only 5.14 points.

“Compared with last year, there is a significant improvement at this point,” KPMG wrote in the report, as quoted by SITA. “In 2018, we scored below average with only 3.66 points.”

On the other hand, the openness of the economy received the best evaluation, scoring 8.72 points. This indicator evaluates factors like direct foreign investments and overall trade of the country.

Slovakia improved its scores the most in the quality of infrastructure. In the 2019 report, it scored 6.50 points.

Read also:Szabó: The business environment in Slovakia remains attractive for investors Read more 

Swiss are the best

The economy of Switzerland ranked the best. It is followed by the Netherlands, Singapore, Denmark and Luxembourg.

Of the neighbouring countries, Austria ranked the best, placing at 19th position. The Czech Republic is 27th, Poland 37th, and Hungary 43rd.

The Growth Promise Indicator study has been monitoring the economy of 180 countries since 1997.

Altogether, 26 indicators are divided into five key pillars: macroeconomic stability, the openness of the economy, the quality of infrastructure, human development, and the quality of institutions.

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