Slovakia » Introduction

Basic Economic Facts

From a centrally planned economy to a modern market economy Slovakia has come a long way in a short span of time. The structural and macroeconomic reforms changed the economic outlook of Slovakia. Major privatizations and reforms regarding tax and labor market liberalization have certainly helped in creating a positive and business friendly environment in Slovakia. The governments focus to create an environment conducive to growth and development that would boost the investor’s confidence has reaped fruits. Today many foreign companies are investing in Slovakia. Slovakia’s auto industry is particularly doing very good drawing the most foreign investment. Slovakia has managed to attract a lot of foreign investors. Big names like Volkswagen, Samsung, Whirlpool, Siemens, Philips, Henkel and Bull have all invested in Slovakia. Apart from this the banking sector of Slovakia has also attracted foreign investments. Slovakia’s economy is driven by domestic consumption. The growth in the country is also creating new jobs bringing the unemployment rate down.