ECONOMIC DEVELOPMENT OF SLOVAKIA IN 2012 AND OUTLOOK UP TO 2014

• Authors: Morvay Karol , Ivan Okáli , Herta Gabrielová , Veronika Hvozdíková , Ivana Šikulová , Karol Frank , Tomáš Jeck
• Languages of publication: EN

Abstracts

EN

After the unexpectedly severe recession (2009) and equally unexpected recovery (2010), the Slovak economy balanced between recovery and a second recession for two years (2011 and 2012). The Slovak economy was more resilient against “the second wave of the crisis” than previously expected. Although the euro area was in recession in 2012, the Slovak economy grew (albeit slightly). However, after the significant deceleration of economic growth in the last quarter of 2012, the expectations of a recession have returned. After approximately one and a half year of waiting, the Slovak economy will be fully confronted with the second wave of the crisis. The economy cannot resist the second wave of the recession (which has already hit the euro area) forever. Significant slowdown hits the economy at a time when the euro area economy has started to improve gradually. This could mean that the significant decline in economic growth could be coupled with a possible alleviation of the difficulties.

Keywords

EN

ECONOMIC GROWTH; ECONOMIC STABILITY; ECONOMIC POLICY; COUNTRY STUDY; SLOVAKIA; FORECAST; LABOUR MARKET; PUBLIC FINANCE; MONETARY POLICY

• Publisher: Institute of Slovak and World Economics and Institute for Forecasting, Slovak Academy of Sciences
• Journal: Ekonomický časopis (Journal of Economics)
• Year: 2013
• Volume: 61
• Issue: 8
• Pages: 767 – 845

Contributors

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Morvay Karol

• Ekonomický ústav SAV, Šancová 56, 811 05 Bratislava, Slovak Republic

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Ivan Okáli

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Herta Gabrielová

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Veronika Hvozdíková

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Ivana Šikulová

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Karol Frank

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Tomáš Jeck