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Books and Analytical Papers > IMF Staff Country Reports

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  • Type: Journal Issue x
  • Slovak Republic x
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Cover IMF Staff Country Reports
Slovak Republic: 2023 Article IV Consultation-Press Release and Staff Report
International Monetary Fund. European Dept.
The 2023 Article IV Consultation with the Slovak Republic discusses that the economy slowed in 2023, as the drawdown of pandemic-era savings ran its course and negative real wage growth weighed on consumption. The Slovak economy continued to grow in 2023, with a large fiscal expansion and the easing of pandemic-era supply chain disruptions offsetting headwinds from soaring food and energy prices. Inflation has declined from comparatively elevated levels in 2022 and early 2023 but remains among the highest in the euro area. Adverse demographic trends pose medium-term challenges for growth and fiscal sustainability. Fiscal consolidation is needed to reverse the structural deterioration in public finances and the upward trend in debt ratio, and build space for future spending pressures. Fiscal consolidation beyond what is envisaged in the budget is needed in 2024 to start the process of rebuilding buffers and contain gross financing needs. Structural reforms are needed to raise inclusive and climate friendly growth, tackle demographic challenges, address regional income inequalities, and accelerate the green transformation.
Keywords:
money market rate; Policy recommendation; transparency policy; core inflation; currency of the Slovak Republic; investment authority; liability positions vis-a-vis nonresident; Inflation; Fiscal consolidation; Fiscal stance; Global; Europe
Cover IMF Staff Country Reports
Slovak Republic: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper focuses on drivers and impacts of inflation in Slovakia. High and volatile inflation in Slovakia in recent years seems to be mainly driven by volatile food prices amplified by the larger consumer price index weight of food items. Other drivers include the large impact of imported inflation, elevated profit margins of domestic firms, and higher wage growth. High inflation could erode external competitiveness through higher unit labor costs, but there is no clear evidence of this so far. Domestically, high inflation has had uneven impacts across households and firms. Firms with the largest cost increases experienced a deterioration in their financial situation, and certain categories of households, including those with low-income levels and the elderly, are particularly vulnerable to the rising cost of living. The recent fall in inflation is projected to continue, but strong unit labor cost growth or an increase in profit margins could keep inflation elevated and undermine competitiveness.
Keywords:
price change; unit labor cost; inflation in Slovakia; B. income convergence; D. policy implication; Inflation; Productivity; Total factor productivity; Aging; Europe; Central and Eastern Europe; Baltics
Cover IMF Staff Country Reports