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The economy has bottomed out (September 2020)

The global pandemic will decrease Slovak output by 6.7 per cent in 2020. Both domestic and foreign demand slump. The labour market weakened, though it turned out to be more resilient than expected. Consequently, the households’ consumption will decrease only mildly. In the second half of the year, economic activity will resume owing to the export-oriented industry. The economic recovery will continue in 2021 as GDP is expected to grow by 5.5 per cent. The main risks include the recurrence of the disease and further restrictions to economic activity. On the other hand, resources from the European Recovery and Resilience Plan would provide additional stimulus to the economy in the medium-term horizon.