Slovak Republic Economic Snapshot

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In the framework of the project “Slovak Republic: Evaluation of the Position and Performance of the National Productivity Board (NPB)”, funded by the EU through the Structural Reform Support Programme, the OECD has been supporting the Slovak NPB to align its work and activities with best international practices, in co-operation with the Directorate-General for Structural Reform Support (DG REFORM) of the European Commission. The goal of the project is to strengthen the Slovak NPB’s institutional set-up and analytical capabilities to collect and analyse productivity data, as well as develop policy-oriented recommendations.

This report provides an overview of practical strategies to enhance the capacity of the Slovak NPB to analyse productivity trends and contribute to the development of pro-productivity policies. It draws on international practices and experience of other NPBs and pro-productivity institutions. It provides lessons tailored to the Slovak NPB that can provide guidance and insights for other institutions working on productivity analysis in other EU and OECD countries.

This work is a joint effort of the OECD Economics Department and the Directorate for Science, Technology and Innovation.

> Presentation of key findings and recommendations

After a deep recession in 2020, economic activity has rebounded. However, supply disruptions and a low vaccination rate are making the future pace of the recovery more uncertain. An ambitious recovery plan and substantial inflows of EU funds provide a unique opportunity to strengthen the economy, but effective and timely implementation will require continued efforts to improve public procurement and public investment management. In the medium-term, rapid population ageing will exacerbate fiscal challenges and weigh on long-term growth. To prepare for an ageing society, pension, health and long-term care, and labour market reforms are needed to extend working lives, improve the health of the ageing population, and enhance the efficiency of public spending. At the same time, population ageing reinforces the need to boost productivity. To reinvigorate the economic convergence process and make growth more inclusive and sustainable, policies to promote adequate skills, foster domestic innovation capacity, and better price environmentally harmful activities are needed.

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Since joining the OECD in 2000, the Slovak Republic has continuously ranked among the fastest growing OECD economies, progressively catching up with higher-income countries. Labour market performance and living standards have improved at a high pace, while inequality remained low. In 2019, the typical Slovak worker earned 70% more than 20 years earlier.

Macroeconomic and financial stabilisation, privatisations, changes in business regulations, tax reforms and policies to foster labour market dynamism were all key to promote economic growth and convergence to higher-income countries. Together with its favourable geographical position, this contributed to make the Slovak Republic one the most sought-after investment destinations in Europe.