Slovak Republic : Development Policy Review, Volume 2. Main Report
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Washington, DC
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Although the unsustainably high external
current account, and fiscal deficits may be financed with
the country's capital account surplus (twenty percent
of GDP), such situation is not likely to last. The
country's policy impact on the real exchange rate,
undermines the employability of large segments of the
population, which will ultimately hamper growth. The study
proposes an agenda on key issues, such as curtailing
enterprise subsidies, and other guarantee payments,
redirecting, rather than expanding, existing expenditure
programs to meet the eligibility criteria for structural
funds financing. In addition, further increasing the
retirement age, would put public pensions on a sustainable
footing, and avoid the massive fiscal deficits the
demographic transition is bringing, and, postponing the
revenue reduction (from 38 percent of GDP in 2000 to a
projected 35 percent in 2002, to a target of 33 percent of
GDP in 2004) until such time as the expected cutback in
expenditure has actually materialized, should be part of the
development agenda. The tax burden should be balanced away
from payroll taxes, e.g., streamlining Value Added Tax (VAT)
refunds, or trimming tax incentives for investment to
European Union-compatible levels. Moreover, the planned
increases in electricity, and natural gas tariffs should be
brought forward, and, the internal trade border within the
Czech-Slovak customs union should be brought down ahead of
EU accession. Longer term reform efforts should focus on
social protection, health care, and education, based on a
governance approach built on transforming budget frameworks,
consolidating decentralization efforts, and launching a
major judicial reform.
Palabras clave
ACCOUNTING, ACCOUNTING STANDARDS, AGRICULTURE, ASSET STRIPPING, BANK LENDING, BANK RESTRUCTURING, BANK SUPERVISION, BANKING SECTOR, BANKRUPTCY, BONDS, BUDGET DEFICITS, CIVIL SERVICE, CLASSIFIED LOANS, COMPETITIVENESS, CONSOLIDATION, CORPORATE GOVERNANCE, CORPORATE INCOME TAX, CPI, CROWDING OUT, DEBT, DEBT SERVICE, DEMOGRAPHIC ASSUMPTIONS, DEPOSIT INSURANCE, DEPRECIATION, DEVALUATION, DEVELOPMENT PROJECTS, DEVELOPMENT STRATEGY, ECONOMIC ASSISTANCE, ECONOMIC PROGRAMS, ECONOMIC RECOVERY, EXCHANGE RATE, EXPENDITURES, EXPORTS, EXTRAORDINARY ITEMS, FINANCIAL MARKETS, FINANCIAL SECTOR, FISCAL DEFICITS, FISCAL POLICY, GDP, GROSS DOMESTIC PRODUCT, GROWTH RATE, HIGH UNEMPLOYMENT, IMPORTS, INCOME, INFLATION, INFLATION RATE, INSURANCE, INTEREST RATE, INTEREST RATES, INTERNATIONAL TRADE, LABOR COSTS, LABOR FORCE, LAWS, LEGAL FRAMEWORK, LOAN GUARANTEES, MARKET LIBERALIZATION, MINIMUM WAGES, NATIONAL BANK OF SLOVAKIA, NET EXPORTS, NOMINAL INTEREST RATE, PAYMENT ARREARS, PENSIONS, PER CAPITA INCOME, PRESENT VALUE, PRIVATE CONSUMPTION, PRIVATE SECTOR, PRIVATIZATION, PRODUCTIVE RESOURCES, PRODUCTIVITY, PROFITABILITY, PUBLIC DEBT, PUBLIC EXPENDITURE, PUBLIC EXPENDITURE MANAGEMENT, PUBLIC PROCUREMENT, PUBLIC SECTOR, PUBLIC SERVICE, REAL GDP, REAL INTEREST RATE, REAL RATE OF INTEREST, REAL WAGES, REDEMPTION, REVENUE COLLECTION, STATE BANKS, SURCHARGES, TAX RATES, TAX REVENUES, TELECOMMUNICATIONS, TRADE LIBERALIZATION, TRANSPARENCY, TRANSPORT, TREASURY, UNEMPLOYMENT, UNEMPLOYMENT RATE, UNEMPLOYMENT RATES, URUGUAY ROUND, UTILITIES, VALUE ADDED, WAGES, WORLD TRADE ORGANIZATION DEVELOPMENT POLICY, EXTERNAL ACCOUNTS, FISCAL DEFICITS, CAPITAL ACCOUNT, GROSS DOMESTIC PRODUCT, REAL EXCHANGE RATE, EMPLOYMENT POTENTIAL, EMPLOYMENT OPPORTUNITIES, ENTERPRISE DEVELOPMENT, SUBSIDIES, PUBLIC EXPENDITURES, RETIREMENT AGE, TRANSITION ECONOMIES, TAX BURDENS, PAYROLL TAXES, VALUE ADDED TAXES, EUROPEAN UNION MEMBERSHIP, INVESTMENT INCENTIVES, TARIFF POLICY, PRIVATIZATION, LABOR MARKET POLICY, DEBT RESOLUTION, TRADE CONTROLS, SOCIAL PROTECTION SYSTEMS, HEALTH CARE, EDUCATION SECTOR, PROGRAM BUDGETING, DECENTRALIZATION, JUDICIAL REFORM