The COVID-19 virus to slow down Slovak economy

Firms are cancelling meetings and business trips, disinfecting their premises and sending their employees to work from home.

Illustrative stock photoIllustrative stock photo (Source: SME)

A lack of clarity and unpredictability characterise the situation in the business sector facing the impact of the COVID-19 virus in Slovakia. The virus poses a number of risks - not all of them immediate. In the meantime companies in Slovakia are adopting measures to protect their employees from contracting the COVID-19 virus. Nevertheless, instead of sick employees, companies are endangered by slowed down supplies from abroad as well as decreasing orders. The overall impact the COVID-19 virus will have on the Slovak economy is still unknown. But analysts agree that the economic growth would be lower than that originally expected of around 2 percent.

“The situation is still very unclear,” said Tibor Lörinz, analyst with Tatra Banka, as cited by the SITA newswire. He added that the worst scenarios envision the crisis situation lasting as long as one year or even a year-and-a-half. “It is almost certain that it has negatively affected the global as well as Slovak economy, but we don’t know how much yet.”

Related articleEmergency situation applies from Thursday morning Read more 

Michal Lehuta, analyst with VÚB bank, sees two negative shocks that may hit the small and extremely open Slovak economy. The first one will be caused by the drop in orders from abroad while foreign trade might show signs of weakening already in March. The second shock will be caused by a cancellation of events, closure of schools and quarantine measures.

“Logically, the most affected sectors will be transport, culture and tourism, but also sales of durable goods, like cars,” Lehuta told SITA. “This is why the Slovak economy may be affected more than others.”

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

I already have subscription - Sign in

Subscription provides you with:
  • Immediate access to all locked articles (premium content) on
  • 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 and

Get daily Slovak news directly to your inbox

Theme: Health care

Read more articles by the topic

Top stories

News digest: Weekend testing will be possible on buses as well as in companies

Numbers of victims of human trafficking is alarming. Coronavirus spreads among homeless people in Bratislava.

5 h
Illustrative stock photo

More aggressive COVID strain probably dominant in Slovakia. It is not necessarily bad news

Virologists report they have found that the B.1.1.7 strain, first detected in the UK, is dominant in the samples from Trenčín.

20. jan
Gabriel Šípoš

I receive more hate mail than I used to, says outgoing transparency watchdog director

Gabriel Šípoš leaves Transparency International Slovakia after 11 years. Slovakia has gone a long way in transparency, he says.

20. jan