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Slovak Republic

Slovak Republic - World Bank Program to Date

Economic Developments

Following a deep, but short, recession in 2009, the Slovak Republic has since enjoyed one of the strongest recoveries in the region, reflecting its prudent policies and sound economic fundamentals.  Real GDP increased 4.2 percent in 2010 and 3.3 percent in 2011, driven by a strong external demand.  Economic growth has been supported by robust manufacturing performance throughout 2012.  With nearly four-fifths of total exports directed towards the single European market and with growth largely dependent on external demand, a future outlook largely reflects the economic prospects of the Slovak Republic's main trading partners.  The country’s growth prospects are becoming more closely tied to those in Germany.

The Slovak Republic has made important progress in real income convergence over the past decade, but high unemployment and a labor participation which lags behind most EU economies have led to the implementation of a development agenda which addresses continued regional economic disparities.

The Slovak Republic and World Bank Cooperation

The Slovak Republic has been an active member of the World Bank Group since it joined, with the Czech Republic, in 1993.  Following a period of relatively little engagement in the early 1990s, cooperation with the World Bank intensified in 1998 when an active program of technical and financial assistance was implemented.

Building on this engagement, the Slovak Republic implemented a Country Assistance Strategy (CAS) in 2001 which focused on putting the country on a path of sustained growth over the next four years to promote a convergence with its Western European neighbors and improve living conditions - particularly among the most vulnerable groups of the population.  Following the success of this strategy, the next CAS for 2005-07 aimed at helping the Slovak Republic achieve maximum benefit from EU membership, which it attained in May 2004.  The emerging partnership was based on facilitating knowledge sharing, policy advice focusing on analytical work, and technical assistance to help the Government to achieve their development objectives.

The Slovak Republic graduated from the Bank's financing in late 2008. However, as a development partner, the Slovak Republic contributes to the International Development Association (IDA) and plays an active role in regional and multilateral institutions.

Upon graduating, the World Bank collaborated with the Slovak authorities on the development of the blueprint and strategy for an integrated revenue administration and the strengthening of the capacity of the Fiscal Policy Institute (FPI) of the Ministry of Finance through the knowledge transfer of labor market analysis.  Advisory services through knowledge products, using EU structural funds, were continued in two areas – (i) inclusion of marginalized groups and (ii) strengthening and increasing the efficiency of the social safety net. The Slovak Republic also benefits from a number of cross-country analytical and advisory activities, including EU11 Regional Economic Reports.

The benefits of the collaborative relationship between the Slovak Republic and the World Bank have provided opportunities to learn lessons and develop analytical instruments which have also benefited other countries in the Region that started their transitions later.

Data & Statistics for Slovak Republic

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