slovakian government forecasts flat to strong growth
News Posted On: 25 September 2009
The Slovakian finance ministry has forecast a 5.6% contraction in the economy for this year. But as the economy has already contracted between 5 and 11% depending which report you listen to, then this equates to a forecast for either flat or strong growth in the next two quarters (year if they mean fiscal year).
This is not unlikely given that the economy saw growth of 2.2% in the second quarter compared to the first quarter. This was among the strongest growth recorded in the EU, and meant the Slovakia's economic contraction lasted only one quarter. Thus Slovakia had avoided recession so far.
Many EU nations emerged from recession in the second quarter, and this will help Slovakia's export-reliant economy to continue growing, continue avoiding recession and keep the contraction within the government's forecast.
During the good times Slovakia's economy was one of the fastest growing in the EU, and its fiscal management was excellent. When its neighbours' current account deficits soared, Slovakia's current account was in great shape. A testament to this was Slovakia's successful adoption of the Euro on January 1st.
The EU sets many regulations for what countries its allows to use the single European currency, and Slovakia walked it. The adoption of the Euro will make Slovakia more competitive in the regional export sector, by making importation from the country simpler and less volatile due to the current state of foreign exchange.
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