Brussels has high hopes for Slovak economy despite sharp downturn

The EC has published its summer 2020 economic forecast.

PSA workers in Trnava assemble cars June 5, 2020PSA workers in Trnava assemble cars June 5, 2020 (Source: TASR)

After major coronavirus measures were lifted in Slovakia, the European Commission expects the country’s economy will recover quite well in 2021, starting already in the second half of this year.

Nonetheless, Slovak GDP is projected to fall sharply, by 9 percent in 2020, owing to a recession in the first half of this year, the EC noted in its summer economic forecast. The document is based on “critical assumptions” because of the ongoing uncertainty surrounding the production of economic projections, it added.

“The COVID-19 crisis is projected to severely suppress domestic and foreign demand for Slovak goods and services,” the forecast reads.

Yet, domestic consumption and exports are expected to start recovering later this year, resulting in the estimated GDP growth by 7.5 percent in 2021.

A sharp drop in private consumption

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