Economic Development of Slovakia in 2009
Economic Development of Slovakia in 2009
Author(s): Károly Morvay, Karol Frank, Veronika Hvozdíková, Tomáš Jeck, Ivan Okáli, Herta Gabrielová, Ivana ŠikulováSubject(s): Economy
Published by: Ekonomický ústav SAV a Prognostický ústav SAV
Keywords: economic growth; economic policy; economic recession; country study – Slovakia; forecast; production; balance of payments; external trade; labour market; public finance; monetary policy
Summary/Abstract: After a rather long period of unprecedented economic growth, the Slovak Republic experienced an economic downturn in 2009. The small open econ-omy, with an insufficient domestic market, responded sensitively to the slump in external demand. This was not the first serious destabilization of the Slovak economy, but the first one caused primarily by the external environment. Employment has been hit particularly hard by the recession, even though with a notable delay. The economy began to recover slowly in the first half of 2010; however the signs of recovery appear to differ considerably across sectors. We expect fragile recovery to continue further in 2010 (differentiated broadly by sectors), while the labour market development remains troubled. And with a certain time delay, the government’s consolidation effort will probably enter this process.
Journal: Ekonomický časopis
- Issue Year: 58/2010
- Issue No: 06
- Page Range: 549-613
- Page Count: 65
- Language: English