The years of abundance are gone. And all of a sudden the public administration realizes that in a time of crisis, the world functions differently than in boom times. Estimated incomes throughout the year were not raised but lowered. The words of John Maynard Keynes are now being repeated around the world, which are that it’s necessary to begin consumption so that the jammed mechanism of the economy can start running again via the expenditure of money. Other statements made by different people are coming to life in Slovakia. These statements were uttered by Miroslav Maxon and Sergej Kozlík, guardians of finance before 1998, when the state treasury was being emptied and the misery was hidden from the public by the juggling of figures. To be fair, we must admit that the current Ministry of Finance is incomparable to the one from the Mečiar era. It has its own analysis department in the Institute of Financial Politics, which compares notes with colleagues outside the Ministry. But while a few years ago foreign economists used to label the prognoses of the Ministry’s analysts as conservative or even realistic, now the assessment is being nudged from realistic to slightly optimistic. February 2009: IFP issued two documents which disturbed the public experts. In them the Ministry fully admitted that the global crisis is a reality in Slovakia and it’s necessary to prepare for a lower intake of taxes. This year an estimate of the economic growth compared to last year went down by half to 2.4%, compared to autumn’s prognosis. In that time the non-governmental think-tank Ineko published the results of a poll among economists, in which the results were 1% less optimistic. I Pg 24
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