The macroeconomic prognoses are becoming worse as the crisis continues. Last week the European Commission released its preliminary prognosis for this and next year. The Commission lowered its expectations for the growth of GDP by a 2% average compared to the autumn prognosis, including Slovakia. The Eurozone economy should drop by almost 2% this year. But there should also be a slight growth in Slovakia. The downward revision of the prognoses was announced by the Ministry of Finance and also the Slovak National Bank. Two-thirds of the entire EU that will undergo recession will contribute to the economic fall. The economies of the countries with a high credit expansion will fall much farther than the others. The Baltic countries, Ireland and Iceland should be affected by the dramatic fall of the GDP, from 4 to 10%. In Latvia the crisis forced the government to decrease salaries by one-fifth. Slovakia will also experience a big slowdown in its economic growth. But this as well as next year, it should attain the highest growth in the EU since Romania – the fastest-growing EU country in 2008 – will slow down even more due to its internal imbalances. The real GDP growth in Slovakia should reach 2.7% in 2009. A year later, under the same policy, the economy should grow only a bit faster, at a 3.1% rate. I Pg 16
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