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Economy


  • 18-March-2024

    English

    Rebuilding fiscal buffers, sustaining productivity growth and tackling housing challenges will help the Slovak Republic boost economic resilience and living standards

    The Slovak economy has proved relatively resilient to the energy crisis following Russia’s war of aggression against Ukraine and inflation has now declined substantially. However, Slovakia’s export-oriented economy remains vulnerable to external shocks, according to the latest OECD Economic Survey.

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  • 22-February-2022

    English

    Tackling the challenges of population ageing in the Slovak Republic

    Slovakia’s population is ageing rapidly, with the share of the working-age population expected to shrink by about a fifth in the next 30 years. Ageing-related costs are projected to increase much more strongly than in other EU countries and ageing will put pressure on potential growth and living standards. To prepare for an ageing society, pension, health and long-term care, as well as labour market reforms are needed to extend working lives, improve the health of the ageing population, and enhance the efficiency of public spending. Linking the retirement age to life expectancy and tightening early retirement pathways notably for mothers and disability pensioners is important to extend working lives and improve pension sustainability. Health outcome are lagging behind other OECD countries largely due to high preventable mortality, especially among disadvantaged groups, highlighting the importance of a national strategy to reduce preventable mortality, as well as targeted approaches. Measures are also needed to improve the efficiency of health and long-term care spending, notably through reforming the network of hospitals, expanding central procurement of pharmaceuticals, and expanding the supply of in-home long-term care services. Higher employment of older workers is hampered by a range of labour market barriers, including fewer training opportunities, higher job strain, and a lack of flexible working arrangements. Labour participation of mothers with young children is also low, reflecting excessively long parental leave, low financial work incentives, and a lack of childcare facilities.

  • 15-February-2022

    English

    Determinants of labour market exit of older workers in the Slovak Republic

    The Slovak population is set to age rapidly in the next decades, with significant impacts on economic growth and the sustainability of public finances. At the same time, the labour market exit age in Slovakia is among the lowest in the OECD. We use administrative data for Slovakia between 2013 and 2020 to analyse what factors influence the probability of employment exit of older workers. We find that statutory retirement ages have an important influence on the decision to leave employment. Higher educational attainment is associated with later employment exit, suggesting that the employment rate of older workers is likely to increase in the future as younger generations have higher educational attainment. We also find evidence that workers in sectors that are physically more demanding are exiting employment earlier. Impaired health also leads to significantly earlier employment exits. Finally living in a rural area or in areas with high unemployment is associated with earlier exit from the labour market.

  • 13-January-2022

    English

    Slovak Republic: prioritise reforms to optimise strength and quality of recovery and future growth, says OECD

    Slovakia’s ambitious recovery and resilience plan, supported by the EU, will boost the recovery and growth, but supply chain disruptions and a low vaccination rate continue to pose risks.

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  • 17-November-2020

    English

    The impact of COVID-19 on SME financing - A special edition of the OECD Financing SMEs and Entrepreneurs Scoreboard

    The COVID-19 crisis has had a profound impact on SME access to finance. In particular, the sudden drop in revenues created acute liquidity shortages, threatening the survival of many viable businesses. The report documents an increase in demand for bank lending in the first half of 2020, and a steady supply of credit thanks to government interventions. On the other hand, other sources of finance declined, in particular early-stage equity. This paper, a special edition of Financing SMEs and Entrepreneurs, focuses on the impacts of COVID-19 on SME access to finance, along with government policy responses. It reveals that the pre-crisis financing environment was broadly favourable for SMEs and entrepreneurs, who benefited from low interest rates, loose credit standards and an increasingly diverse offer of financing instruments. It documents the unprecedented scope and scale of the policy responses undertaken by governments world-wide, and details their key characteristics, and outlines the principal issues and policy challenges for the next phases of the pandemic, such as the over-indebtedness of SMEs and the need to continue to foster a diverse range of financing instruments for SMEs.

  • 28-September-2017

    English

    Enhancing advanced skills to better meet labour market demand in the Slovak Republic

    Changing labour market demand and moving up the global value chain requires high-skilled workers.

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  • 18-September-2017

    English

    Slovakia…it’s time to invest in the future

    The Slovak Republic continues to exhibit robust economic performance. International competitiveness is strong, fiscal and financial policies are prudent, poverty and income inequality are low, and the country’s environmental footprint has improved markedly. Employment is rising, prices have been stable, and the external account is near balance.

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  • 6-September-2017

    English

    Where should Slovakia look for workers?

    Employment and hours worked are already at the highest since independence. The unemployment rate has fallen below historical norms. Nevertheless, more qualified people are needed.

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  • 7-August-2017

    English

    Improving the efficiency and outcomes of the Slovak health-care system

    Despite improvements over the past few decades, Slovak health outcomes remains poor compared with most other OECD countries, even after controlling for differences in per capita income and other social, cultural and lifestyle factors.

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  • 30-April-2015

    English

    Spurring growth in lagging regions in the Slovak Republic

    Regional inequality in Slovakia is among the highest in the OECD and is increasing. The main reason for regional disparity is the combination of low economic growth and job creation in the eastern and central part of the country and insufficient labour mobility to the west, in particular by low-skilled workers.

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