Slovak economy predicted to fall by more than 6 percent

OECD December prognosis expects the economy to grow again next year.

National Bank of SlovakiaNational Bank of Slovakia (Source: TASR)

Slovakia's economy might contract by 6.3 percent this year. The situation is expected to improve though, and the economy is projected to grow at 2.7 percent in 2021, and by 4.3 percent in 2022.

This stems from the recent OECD Economic Outlook.

Inflation will stay low

The OECD predicts that consumption in Slovakia will gradually recover thanks to higher disposable income, improved conditions at the labour market and the increased household confidence as an effective vaccine is rolled out.

The public finance deficit may reach 10 percent Read more 

Investment growth will be limited by high uncertainty, weakened corporate balance sheet and low capacity utilisation.

Unemployment is set to fall gradually, but will remain above pre-crisis levels until the end of 2022, the report reads.

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