Slovakia needs to shift its focus to innovation. (source: Sme)
After 1989, Slovakia bet mainly on the manufacturing industry to drive its transformation into a market economy. Now it needs to shift its focus to innovation and ramp up currently lackluster corporate spending on research and development, experts say.
“If Slovakia does not want to end up as an assembly hall creating very little added value, it must fundamentally change the structure of its economy,” Silvia Hallová, tax partner at Grant Thornton Slovakia, a consulting firm, told The Slovak Spectator, adding that significant intensification of research and development (R&D) by private companies is key.
