The Dynamism of the New European Union Member Countries. The Case of Slovakia
The Dynamism of the New European Union Member Countries. The Case of Slovakia

Author(s): Ingrid Brocková
Subject(s): Politics, Government/Political systems, EU-Approach / EU-Accession / EU-Development
Published by: Research Center of the Slovak Foreign Policy Association (RC SFPA)
Keywords: EU; new members; dynamism; Slovakia;
Summary/Abstract: Nearly all the new member states have introduced far-reaching and necessary economic reforms. They have undergone the most radical fiscal reforms and abolished most of their subsidies. They have privatized their economies and opened them to foreign investment. Social-security networks and pension systems have been overhauled. The role of agriculture in the GDP has been dramatically decreased. The business climate in new member states is open, the labor market is not over-regulated, the tax burden is low. Slovakia, according to Doing Business in 2005: Removing Obstacles to Growth - a report co-sponsored by the World Bank and the International Finance Corporation, was the world’s top reformer in improving its investment climate over the past year, allowing it to join the top 20 economies in the world regarding ease of doing business. The report also finds that new entrants into the European Union were also among the top investment climate reformers. The report finds that such reforms, while often simple, can help create job opportunities for women and young people, encourage businesses to move into the formal economy, and promote economic growth. The report benchmarks regulatory performance and reforms in 145 nations.

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