The IFP, under the Ministry of Finance, is liable for the preparation and updating of short-term and medium-term macroeconomic forecasts for the Slovak economy.
Medium-term forecasts serve as a basis for compiling a multiple-budget of public finance and for preparing or updating the Convergence Programme of the
The EC and OECD compare their own forecasts with those submitted and, following discussions with the makers of the national forecasts, adjust their own forecasts of the development of individual economies. The outcome is presented in¢ respective EC and OECD reports regarding the anticipated development of particular economies and their groupings.
Macroeconomic forecasting committee
In order to achieve higher transparency and objectivity of macroeconomic forecasts, the Ministry of Finance has appoached renowned and independent institutions and set up a Macroeconomic Forecasting Committee. Members of the Committee are currently the representatives from the following institutions: MF SR, NBS, SAV, Infostat, ČSOB, Slovenská Sporiteľňa, Tatra Banka, UniCredit Bank, VÚB, KRRZ and ŠÚ SR. The Committee meets regularly at least twice a year before preparing the starting points-related information and finalizing the draft state budget itself. The Committee discusses the preliminary forecast delivered by the Ministry of Finance, which can be subsequently modified respecting the prevailing opinion of the Committee. The outcome of such discussions includes, among other things, an overall evaluation of the character of the said forecasts, i.e. whether the forecast is conservative, realistic, or optimistic. The Ministry’s medium-term macroeconomic forecast thus accepted is a basis for preparing background information on starting points for a multi-year budget for next three years and forms a part of strategic governmental documents.