Economic convergence, Slovak recovery slows down on the EU average – GOOD MORNING SLOVAKIA

Over the last ten years Slovakia has significantly slowed down its catching up with the more advanced countries of the European Union. Compared to the 23 points that the European average recovered between 2000 and 2010, the country climbed only another 8-10 percentage points in the following decade. These data result from an analysis by the Financial Policy Institute (IFP) of the Ministry of Finance, which explains that without the adoption of structural reforms, the country risks slowing down the pace of its economic recovery.

VET ranks what it defines as the three biggest challenges for Slovakia’s economic convergence: the efficient allocation of resources by institutions, the labor market and education. From a quality of life perspective, the analysis identifies housing, health and education as the biggest challenges. In both sectors, educational policy emerges as one of the priorities, placing people at the center as the key to economic growth in this century. Education reform would foster sustainable economic growth and a better quality of life for the population, according to the IFP.

Slovakia’s economic lag is mainly due, according to the IFP, to the inefficiency of allocation, which reflects the quality of the institutions and the business environment, but also to an asphyxiated labor market and the poor quality of education. When it comes to the quality of life, Slovakia lags behind above all in the availability of housing, inefficient healthcare and education.

(Red)

Foto Pexels

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