Slovak News Back to the news
Economy Ministry Rebuffs Claims of Worsening Business Conditions
Thursday 04 February 2010 Zoom in | Print page
Bratislava, February 4 (TASR) - The Economy Ministry is open to constructive dialogue and is always ready to receive input from experts concerning actual proposals and solutions. But, in light of repercussions of the crisis hitting the whole of Europe, it can't afford to waste time on "politically-motivated" disputes via the media.
Thus reads a statement that ministry spokesman Branislav Zvara provided to TASR on Thursday that responds to a statement made by Republican Union of Employers (RUZ) head Marian Jusko earlier in the day. On behalf of RUZ members, Jusko said that conditions for entrepreneurial activities in Slovakia have taken a sharp turn for the worse due to dysfunctional anti-crisis policies, low-quality legislation and limited social dialogue. Jusko, former governor of Slovakia's central bank NBS, went on to say that the economy's consolidation is being hampered by the growth of the public debt and overall deterioration of public finances.
In his statement, Zvara countered that it's inaccurate to say that foreign investors' interest in Slovakia has been decreasing and that conditions for entrepreneurs have been impaired. He pointed to the EM20 Index drawn up by PricewaterhouseCoopers in October 2009 to put paid to that argument. EM20 evaluates countries in terms of their attractiveness for direct foreign investments and Slovakia appears near the top of the table in Europe – appearing in the top half of the table in both services and manufacturing among the 20 selected countries from around the world.
As well, an evaluation report drawn up by the International Monetary Fund (IMF) in July 2009 ranks Slovakia among best economies in central and eastern Europe, thanks to appropriate macroeconomic and structural policies fostered by boosting the export sector, reads the statement.
In addition, a European Commission survey from September 2009 revealed that only 1 percent of foreign investors are planning on leaving Slovakia due to the global economic crisis. Zvara also points out that Slovakia was exceptional in this respect, with the average in other EU countries being around 5 percent.
The latest estimates from the European Bank for Reconstruction and Development (EBRD) foresee Slovakia reaching the highest GDP growth in the EU this year at 2.8 percent, adds the ministry in its statement.
All rights reserved. Any publishing or further dissemination of press releases and photographs from TASR's resources without TASR's prior written approval constitutes a violation of the Copyrights Act.
