Slovak economic growth to slow to 2.5%

Slovak economic growth is expected to slow down to 2.5 percent in this year and 2.4 percent in 2020, according to the latest mid-term prognosis by the Slovak central bank (NBS). A mild acceleration to 2.7 percent, however, is expected in 2021. Central bank governor Peter Kažimír stated that although the Slovak economy is going downhill, there is no "abyss" ahead of us at this point that we are at risk of falling into. He added that the economic cycle is currently being adversely affected by external factors such as the chaos surrounding Brexit and protectionism. Any talk of a crisis at this point is misguided, he said, as the Slovak economy is still in fact growing and the labour market has thus far remained strong. Although conflicts in international trade have brought about a decrease in foreign demand, said the central bank's vice-governor Ľudovít Ódor, a strong domestic demand is paving the way for a relatively stable growth.