Slovakia economic history (part 1)

Slovakia is small country of 5,45 million inhabitants, member of the European union. Thanks to courses of economy and company management, we can to say more of country economy 

and especially economic history. 

In 1989, after the fall of the socialist regime, Slovakia is a part of Czechoslovakia and start the economic reforms in 1990 with a shock therapy, that is to say stabilization, liberalization, institution building and privatization. In 1993, Slovakia gains independence and independent economic policies because the Czechoslovakia favored economy of the other part of country, Czech Republic. 

From 1994 to 1998, there have been an era of crony capitalism: economic growth based on increased public debt, devastation of state banks, lack of foreign investors, downgrading of the economy by international rating agencies, dangerous double deficit with trade balance and public finances. Consequently, Slovakia wasn’t invited to the EU in 1997.

Then, an economic consolidation appeared under the leadership of the first government led by Mikuláš Dzurinda from 1998 to 2002. The restructuralization and privatization of state banks, an increasing attractiveness for foreign investors, improving international ratings and the catch up in European integration process occur in this period. 

In the next economy article, we will see the Slovakia economic development from 2002 (2004: EU accession for the Slovakia) to today. 

DURAND Maxime & al