Coronavirus infects the Slovak economy

Uncertainty about further development remains large.

Finance Minister Eduard Heger. Finance Minister Eduard Heger. (Source: TASR)

The COVID-19 virus pandemic is rewriting global statistics and changing the macroeconomic prognosis of Slovakia, too.

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The global pandemic will lead the Slovak economy into recession in 2020, and the GDP will contract by 7.2 percent y/y. The Slovak economy will start gradually recovering in the second half of the year and push GDP growth to 6.8 percent in 2021. This is the latest macroeconomic prognosis the Finance Ministry introduced on April 15.

“The Slovak economy is small and open, and depends on the development of large global economies,” said Finance Minister Eduard Heger (OĽaNO), pointing out that the current crisis is not of an economic character as it was instigated by the coronavirus pandemic. “These are to a significant extent impacted by the novel virus. Thus, the Slovak economy will also be impacted.”

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