OECD report praises country's "astonishing" economic growth

In a report released on September 16, the Organization for Economic Cooperation and Development (OECD) says that Slovakia's quick economic growth has astonished many analysts, Slovak and international media reported. Slovakia recorded one of the best macroeconomic performances among central and eastern European countries last year, the report pointed out. The country's gross domestic product (GDP) grew by 7.4% in 1995. The inflation rate, which stood at 25.1% at the end of 1993, was reduced to 6.1% by May 1996. State budget and current account balances recorded surpluses in 1995. The unemployment rate peaked at the beginning of 1995 at 15 percent, but fell to 11.9 percent by May 1996. The report also focused on Slovakia's need to restructure its banking sector and privatized companies. It also dealt extensively with Slovakia's potential for expanding its tourism industry.