Slovakia fails to catch up with regional peers and the EU

Slovakia has made little progress in addressing the Commission’s 2019 recommendations.

BratislavaBratislava (Source: SME)

Slovakia is losing its economic battle after a decade of strong post-crisis economic growth.

The European Commission (EC), which recently published a report assessing Slovakia’s progress on structural reforms and the prevention of macroeconomic imbalances, said the country did not fully make use of favourable economic times and has failed to sufficiently implement reforms, reduce its deficit and debt, and improve in areas key to economic growth, including R&D, education, and innovation.

Read alsoSlovak economy sped up at the end of 2019 Read more 

“Slovakia’s strategies and reforms are relatively clear and effective on paper, but their implementation often remains poor,” the report reads.

Moreover, Slovakia’s progress in catching up with the European Union and other countries in Central Europe has slowed down. The report suggests the labour productivity gap, the country’s sub-optimal use of available EU funds, and regional disparities have all contributed to a slowdown.

“We experienced the highest catch-up pace between 2003 and 2008, and then from 2012 we have essentially been stagnating,” Lívia Vašáková of the EC Office in Slovakia said, as quoted by the TASR newswire.

A model based on low salaries and attracting direct foreign investment may stop working sooner or later. Policies will have to change, Vašáková claimed, to restart the Slovak economy. The country’s economic performance is lagging behind the EU average, remaining at about 75 percent of the EU’s gross national income.

Requirements for a good investment climate

The rest of this article is premium content at Spectator.sk
Subscribe now for full access

I already have subscription - Sign in

Subscription provides you with:
  • Immediate access to all locked articles (premium content) on Spectator.sk
  • Special weekly news summary + an audio recording with a weekly news summary to listen to at your convenience (received on a weekly basis directly to your e-mail)
  • PDF version of the latest issue of our newspaper, The Slovak Spectator, emailed directly to you
  • Access to all premium content on Sme.sk and Korzar.sk

Top stories

Opening of the time capsule of Michael's Tower.

Time capsule stored in Bratislava's St Michael statue 176 years ago reveals its secrets

The public can see the items found in the box in the Bratislava City Museum at the Old Town Hall this weekend.


22. okt
Bratislava's Old Town presents its most beautiful trees

Bratislava’s Old Town introduces most beautiful trees via game

One of the spotlighted trees is a majestic European beech in the evangelical cemetery Kozia Brána (Goat Gate).


22. okt
Renáta Kamenárová teaches Slovak at the University of Pittsburgh. She has also co-written several "Krížom krážom" textbooks, which are used by those teaching Slovak to foreigners.

‘Speaking English is almost like having a hot potato stuck in your mouth the entire time you talk’

But in Slovak, your tongue actually works, says an American who learns Slovak.


22. okt
“My Sunny Maad”, a Czech-French-Slovak animated drama about a Czech woman married to an Afghan who decide to live in post-Taliban Afghanistan, is now screened in Slovak cinemas.

Weekend: German adventurer is walking to Iran, with his stubborn donkey

Jazz music is taking over Bratislava this weekend.


22. okt
Skryť Close ad