Economy predicted to fare better, but vaccination more important

The central bank warns of the low vaccination rate may in the end negatively impact GDP.

Illustrative stock photoIllustrative stock photo (Source: TASR)

The Slovak economy should increase by 4.6 percent this year.

Investment Advisory Guide - Your key to understanding the Slovak business environmentInvestment Advisory Guide - Your key to understanding the Slovak business environment (Source: )

This stems from a revised macroeconomic prognosis issued by the analysts of the Institute for Financial Policy (IFP), operating under the Finance Ministry. Back in March, they predicted that GDP would rise by only 3.3 percent.

On the other hand, the IFP worsened its forecast for 2022, when it said that the economy will increase by 5 percent, which is 1.3 percentage points less than in the previous prognosis.

The revised macroeconomic forecast approximates the predictions of the international institutions and organisations. The European Commission expects the GDP growth of Slovakia at 4.8 percent, while the International Monetary Fund predicts a 4.7 percent growth.

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