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동의어 포함
Title page 1
Contents 5
Foreword 4
Basic statistics of the Slovak Republic, 2025 8
Executive summary 9
1. Strengthening growth and fiscal prospects 18
1.1. Reducing the fiscal deficit in a weak economic environment 19
1.1.1. Growth is faltering 19
1.1.2. Inflation remains elevated 21
1.1.3. Fiscal consolidation and lower foreign demand will weigh on growth 21
1.2. Maintaining financial stability 24
1.2.1. The banking sector appears robust 24
1.2.2. Rising house prices do not pose immediate financial risks but bear on the cost of living 26
1.3. Building an integrated strategy to boost long-term growth and restore fiscal sustainability 29
1.3.1. Debt stabilisation hinges on integrated fiscal-structural strategies 29
1.3.2. Responding to a shrinking, ageing population 32
1.3.3. Managing pension, health and long-term care spending 39
1.3.4. Improving the budgetary position through measures that preserve long-term growth 43
References 53
2. Boosting economy-wide competitiveness amid acute automotive sector challenges 58
2.1. Slowing economic growth with significant challenges on the horizon 59
2.2. Improving the business environment to support growth 64
2.2.1. Strengthening the rule of law and addressing corruption 65
2.2.2. Cutting red tape to foster competition 68
2.2.3. Improving the tax system to encourage business expansion 71
2.2.4. Easing entry restrictions in regulated professions and speeding-up insolvency procedures 75
2.2.5. Attracting FDI inflows and simplifying trade 77
2.3. Strengthening public and private investment 81
2.3.1. Incentivising more innovation 83
2.3.2. Unleashing the benefits of the digital economy 86
2.3.3. Improving the efficacy of public investment 88
2.4. Tackling pressing skills shortages 90
2.4.1. Improving children's education 92
2.4.2. Ensuring that VET programmes are adaptable 94
2.4.3. Improving tertiary education, attracting skilled immigrants and expatriated nationals 95
2.4.4. Strengthening life-long learning to reinforce adult skills 96
References 100
3. Reaping the economic benefits from AI 108
3.1. Slovakia has much to gain from embracing AI 109
3.2. AI adoption remains limited but is growing 110
3.3. Fostering AI adoption in the business and public sectors 112
3.3.1. There is scope for broader AI use across companies 112
3.3.2. AI is being rolled out across the public sector 113
3.4. Boosting advanced AI research 115
3.5. Increasing access to capital, data, and computer infrastructure 116
3.6. Supporting companies in navigating the regulatory landscape 118
3.7. Addressing AI-related skills shortages 119
3.7.1. Companies find it difficult to hire workers with the skills needed for AI 120
3.7.2. Higher education in relevant fields is low but expanding 120
3.7.3. Facilitating transitions to AI occupations 121
3.7.4. Retaining AI-fluent workers is a challenge 123
References 125
4. Unlocking the Potential of the Net-Zero Transition and Adapting to Climate Change 130
4.1. Seizing economic opportunities from the net zero transition 131
4.1.1. Manufacturing for net zero 131
4.1.2. Fostering more innovation in low-emission technologies 132
4.1.3. Benefiting from the green job transition 132
4.1.4. Capitalising on low-carbon power generation 134
4.2. Reducing greenhouse gas emissions 138
4.3. Adapting to climate change 142
References 147
Figure 1. The ratio of older people to those of working age is set to nearly double 10
Figure 2. Further advances are warranted to fight corruption and improve pro-competition regulation 12
Figure 3. The skills base for AI has scope to expand 13
Figure 4. Very-low-carbon electricity is a source of strength for the net-zero transition 14
Figure 1.1. Growth has been subdued amid weak consumer confidence and foreign demand 19
Figure 1.2. US effective tariff rates have increased substantially 21
Figure 1.3. Inflation remains substantial 23
Figure 1.4. Banks have sound capital buffers 25
Figure 1.5. A rising lending spread and low levels of non-performing loans are supporting bank earnings 26
Figure 1.6. House prices are picking up 27
Figure 1.7. Housing costs absorb a high share of incomes 28
Figure 1.8. Stylised debt scenarios underline the need for ambitious stabilisation efforts 29
Figure 1.9. Combining fiscal improvement with structural reform reduces debt more lastingly and robustly than fiscal adjustment only 30
Figure 1.10. A shrinking population and a falling employment share are weighing on long-term growth prospects 33
Figure 1.11. A shrinking workforce threatens long-term growth 34
Figure 1.12. Gender employment gaps are larger around average childbearing age 35
Figure 1.13. Maternity leave is comparatively long while childcare supply remains limited 37
Figure 1.14. There is scope to raise employment rates among older workers 38
Figure 1.15. Comparatively few workers above 55 receive training 39
Figure 1.16. Net immigration could offset ageing only at high levels 39
Figure 1.17. Pension, health and long-term care expenditure are set to rise over the next two decades 41
Figure 1.18. Health and long-term care needs for older people will keep putting pressure on public expenditure 42
Figure 1.19. Potential savings estimates in transport and public order and safety are high 44
Figure 1.20. There is scope to cut public expenditure 45
Figure 1.21. Filing tax returns is perceived as particularly difficult 46
Figure 1.22. Space for tax increases is limited 48
Figure 1.23. Fiscal response became more stabilising from the EU accession period 51
Figure 2.1. Economic convergence has stalled 60
Figure 2.2. The gap in GDP is mainly due to lower TFP 61
Figure 2.3. Several barriers impede growth and convergence 62
Figure 2.4. Automotive activity is shaped by foreign demand 63
Figure 2.5. Regulation has become more competition-friendly but trust in public institutions remains low 65
Figure 2.6. Perception of corruption is high in the Slovak Republic 66
Figure 2.7. There is scope for improving product market regulation 69
Figure 2.8. The cost of starting a limited liability company is low, but required capital high 70
Figure 2.9. Barriers to growth and scale-up remain 72
Figure 2.10. The Slovak Republic has a very large share of self-employed people 73
Figure 2.11. Marginal tax wedges on labour are high and tax rates on capital uneven 75
Figure 2.12. Barriers are high in some services professions 76
Figure 2.13. Business churn is higher than the EU average 77
Figure 2.14. The share of value added of foreign MNEs is very high in the automotive industry 78
Figure 2.15. Barriers to trade can be reduced 79
Figure 2.16. Estimates of the increase in Slovak annual productivity growth 80
Figure 2.17. Public and private investment are low 81
Figure 2.18. Real investment is lower than implied by changes in GDP 82
Figure 2.19. Low capital formation has led to low growth 83
Figure 2.20. R&D expenditures are low 84
Figure 2.21. Uptake of capital and R&D support is limited while tax incentives are generous 86
Figure 2.22. Digital infrastructure is lagging 87
Figure 2.23. Investment in ICT and use of digital technologies are low 88
Figure 2.24. Absorption of EU funds is low 89
Figure 2.25. The Slovak labour market is generally strong 90
Figure 2.26. Skills shortages are a key barrier to growth and investment 91
Figure 2.27. PISA scores are below OECD averages and peer countries 92
Figure 2.28. Test scores vary significantly across schools 93
Figure 2.29. Many Slovaks live abroad but return migration has increased recently 96
Figure 2.30. Adult skills lag OECD countries 97
Figure 3.1. Slovakia performs low on the OECD.AI Index 109
Figure 3.2. The use of AI among Slovak companies lags EU peers 110
Figure 3.3. Automotive and machinery equipment manufacturing lead in AI adoption in the manufacturing sector 111
Figure 3.4. Small companies are lagging behind in AI use for production and logistics 112
Figure 3.5. AI-related scientific publications have been expanding in Slovakia 115
Figure 3.6. AI-related publications are below the OECD average 116
Figure 3.7. The number of open monolingual training datasets in Slovak is low 117
Figure 3.8. Data infrastructure is limited 118
Figure 3.9. Graduates in ICT courses are growing but are comparatively few per age cohort 121
Figure 3.10. Coding skills in Slovakia are acquired primarily through online resources 122
Figure 4.1. Small shares of VC and public R&D funds go to green innovation 132
Figure 4.2. Nearly one in four workers in Slovakia works in occupations anticipated to receive stronger demand as a result of the net-zero transition 133
Figure 4.3. Nuclear power plants and dams allow the Slovak Republic to produce very low-carbon electricity 135
Figure 4.4. The Slovak Republic is an electricity exporter 135
Figure 4.5. Administrative procedures to comply with environmental regulation are seen as particularly cumbersome in the Slovak Republic 137
Figure 4.6. Regulation sets retail electricity prices at low levels 138
Figure 4.7. GHG emissions are projected to remain above net zero in 2050 139
Figure 4.8. Effective carbon rates are well aligned with EU averages except for emissions from buildings 141
Figure 4.9. Heavy industries such as steelmaking face much higher carbon pricing than in non-EU countries 142
Figure 4.10. Agricultural drought has become more prevalent 143
Figure 4.11. Exposure to high temperatures will increase 144
Figure 4.12. Insurance protection against climate-related disasters has historically been low 145
Boxes 7
Box 1.1. Testing their fiscal plans against adverse scenarios 24
Box 1.2. Quantifying the impact of selected policy recommendations 31
Box 1.3. Estimation of potential savings in government spending 44
Box 1.4. The fiscal framework 50
Box 1.5. An empirical investigation into fiscal responses to the debt level 51
Box 2.1. The gap in GDP per capita is primarily due to low TFP 61
Box 2.2. The automotive sector is a key driver of the Slovak economy 63
Box 2.3. Estimated productivity gains from lowering EU trade barriers in services 80
Box 2.4. Cyclical and structural trends in investment 82
Box 2.5. Seed Enterprise Investment Scheme in the United Kingdom 85
Box 3.1. Examples of AI use cases in the public sector 114
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