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OECD: Slovakia catches up with richer countries

Last update: 27.09.2005 06:00

Combination of sound macroeconomic policies, comprehensive tax and social welfare reform, and new regulations for the product, capital and labour markets, has resulted in an acceleration of growth over the past five years and has increased the pace with which Slovakia is catching up to the living standards of wealthier nations.

This fact is mentioned by the Survey of the Organisation for Economic Co-operation and Development (OECD) on economy development of Slovakia.
“The results of the reforms are noticeable. Val Koromzay, OECD Member States Economics Department Director and Co-Author of the Survey said: "We assess, that the value of potential economy growth of the Slovak Republic was increased to the annual value from 5 up to 6 per cent. It is probably, behind Ireland, the second highest rate within the OECD and it can soon be the highest one within the member states of the Organisation.”

According to Ivan Mikloš, Deputy Prime Minister and Minister of Finance, the latest OECD survey confirms correctness of the Slovak reforms. "Unlike the Opposition, the internationally recognized institutions consider the Slovak reforms to be the successful ones and bringing the results,” Mikloš said.

According to OECD, besides decreasing the rate of unemployment, Slovakia within own development should in the close future direct its attention at ensuring the smooth transition to adopting the common Euro European currency, reform of public sector and support of innovations and growth.

Mikuláš Gera
Head of Press Department

OECD Economic Survey of the Slovak Republic (original version)