National bank expects a recession, but not a collapse in 2023

Inflation is expected to continue increasing unless more measures are taken, the bank's analysts say.

The NBS inflation forecast assumes that the prices of electricity, gas and heat for households will approximately double.The NBS inflation forecast assumes that the prices of electricity, gas and heat for households will approximately double. (Source: TASR)

There are predictions you wish will never come true, said governor of the National Bank of Slovakia (NBS), Peter Kažimír, as he presented the bank's latest autumn prediction for Slovakia's economy.

Slovakia is headed for a mild recession. Though the NBS predicts inflation to continue skyrocketing and real wages to fall unless the government takes measures, the governor refuted the claims that PM Eduard Heger (OĽaNO) made for the Financial Times article published earlier today. The prime minister said that Slovakia's economy is facing a "collapse", because soaring electricity prices are "killing its economy."

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Inflation to hit new records

"We perceive the threat of a one-year temporary decline in the economy, but that cannot be called a collapse," says NBS Governor Kažimír.

According to him, the European Union and the governments of the member states have tools that can mitigate pessimistic developments, although he believes that they are not using them quickly and efficiently enough.

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