OECD: Slovakia's Economic Growth to Speed Up to 2.1 percent This Year

2. mája 2024 10:49
Bratislava/Paris, May 2 (TASR) - Growth in the Slovak economy is expected to accelerate from the 1.6 percent recorded last year to 2.1 percent this year and to 2.7 percent in 2025, according to updated forecasts drawn up by the Organisation for Economic Co-operation and Development (OECD). According to the OECD, the slowdown in inflation will boost real salary growth and consumption. An easing of financial conditions, higher absorption of EU funds and an expected recovery in external demand will support investment and export growth. The main risks include a renewed rise in global energy prices and supply chain disruptions. Ambitious fiscal consolidation is needed to restore fiscal buffers, support the process of reduced inflation and prepare for a rapidly ageing population. More efficient use of public resources and further reforms of the pension system and family contributions can help to improve fiscal sustainability. Shifting tax revenues from labour to property and environmental taxes and measures to improve the absorption of EU funds can support growth. The OECD expects inflation, as measured by the harmonised index of consumer prices, to fall from 11 percent last year to 2.9 percent this year, and to accelerate again to 3.3 percent next year. Unemployment is expected to be essentially flat over the next two years. The OECD expects the rate to rise from 5.8 percent in 2023 to 5.9 percent this year, falling back to 5.8 percent in 2025. am/df
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