A series of updates of forecasts for the Slovak economy continues. After Tuesday’s forecast by the European Commission, now the Organization for Economic Cooperation and Development (OECD) published their new data. As the Hospodarske Noviny daily reports, the OECD estimates that GDP in Slovakia will grow this year by 2.6 percent.
Next year, economic growth should accelerate to 2.8 percent and in 2016 to 3.4 percent. OECD Secretary General Jose Angel Gurria came to Slovakia to present the updated outlook. He praised the recovery of Slovakia's economy after the financial crisis, describing it as one of the best in Europe. In order to ensure long-term sustainable and inclusive growth, there's a need to tackle high unemployment and regional disparities, said Gurria. Another challenge for Slovakia is also the struggle with the aging of the population. The OECD recommends that Slovakia introduces several reforms to speed up economic growth in the central and eastern parts of the country, including an education reform and further investments in education. It should also boost programmes for job seekers and provide financial stimuli for the introduction of new technologies and innovation. The organisation further recommends improving road and rail infrastructure and international connections.
“My message is congratulations. You did a lot of work in a complex environment, but also there is still much work to do. Count on the OECD in preparing better policies for a better life in Slovakia,” Jose Angel Gurria stated at a press conference he held with Prime Minister Robert Fico. OECD's recommendations are inspiring stated Prime Minister Robert Fico in reaction to the analyses, adding that they almost completely match what the Government is currently preparing. He noted that he also discussed with Gurria the improvement in tax collection recorded by Slovakia, although the two concurred that there is still a lot do in the sphere.
Experts of the OECD will help the Slovak Interior Ministry to prepare the big public administration reform. Their head José Ángel Gurría confirmed it during his visit in Slovakia. OECD experts will be posted in Slovakia until the end of the year 2015. Using their know-how from Finland and France they should help make Slovak institutions more effective and transparent.
