History

Initial phase of the transformation

After the fall of communism and the associated central planned economy (at the end of of 1989) - as with all former Eastern Bloc countries - a initial transitional phase (in the Slowakei 1990 - 1993) followed, in which the GROS DOMESTIC PRODUCT sank clearly. Up to then the foreign trade was limited to the main part to the countries of the former RGW. After the markets in the east had partly broken down, it came logically to problems of the markets of the individual Eastern Bloc countries, including Czechoslovakia.

To the Slowakei the general temporary gros domestic product decrease was promoted additionally by two factors. Primarily by the fact that on the area of the Slowakei in the context of Czechoslovakia above all the armaments industry and other heavy industry (the latter for the RGW) were concentrated, which lost their sales markets by new conditions in Europe. Secondarily also by the fact that Czechoslovakia was dissolved 1993, which shifted already the 1992 noticeably making resurgence one year. Since however with Tschechien further trade was carried on, one should not overrate the direct economic effects of the division.

In addition the economic transformation, thus the transition of a planned economy to a free free-market economy, required in the context of the liberalisation of the economy a release of the before times nationally adjusted prices. In the Slowakei happened this particularly to the 1. 1. 1991 and led as expected to a drastically increased inflation of 61,2% in the year 1991 (the inflation nearly 0% amounted to before). Regarding the prices it is to be noted however that contrary to countries such as Poland, Russia or Hungary the inflation never represented a yearly in the Slowakei, exactly the same as in Tschechien, with exception of this a real problem.

Also a liberalisation of the external trade was necessary: Export and import were facilitated around some, particularly by abolishment of the former quantitative restrictions regarding the possession of foreign currencies.

A large challenge for the government was besides a brisk privatisation, under which the subranges restitution, thus a return of goods to old owners, falls and the actual privatisation of national enterprises. In Czechoslovakia one decided with the actual privatisation for a coupon privatisation by means of coupon distributions, which however under the last Meciar government (1994 - 1998) 1995 was stopped and by means of direct sales continued to operate. This change is afterwards rated rather positively.

On the job market there was at the beginning of the 1990er years a drastically increased rise of the unemployment ratio of 1,5% in the year 1990 on 11,8% in the following year, since many enterprises, particularly in the armaments industry, from which mentioned above reasons had to conclude. During the government phase under Meciar the unemployed person rate was lower some more than under the following Dzurinda government (see below).

Development since 1993

Since end of 1993/Anfang registered 1994 (now independent) the Slowakei continuously a relatively high economic growth, which was higher even (with exception of a yearly) each year than restaurant economics the Tschechiens. About 1997-1998, i.e. toward end of the office period of the last government Meciar, were set in motion the economic growth also by clear national investments into the building sector. These increased the indebtedness of the country clearly, the debt ratio of the country was however 1998 still the secondarylowest in completely central and Eastern Europe (under 60 % GROS DOMESTIC PRODUCT). The governments Meciar tried to guarantee always (partly due to strategic considerations, partly due to egoistic political calculations) that the strategically important large-scale enterprises of the country remain in the hands of slowakischer physical and natural persons.

At the end of of 1998 came the first government Dzurinda to the power, which made an idiom as it were by 180 degrees. Sooner or later all enterprises were released for privatisation by foreign companies, motorway construction and other large-scale projects were stopped immediately nearly completely and many to date rather "dahinvegetierenden" enterprises let one into bankruptcy go. The consequence was a substantial rise of unemployment (approximately around 6 per cent points) - itself however in the meantime (2004) again to the something "put" has -, a temporary clear decrease of the economic growth, at the beginning of also a stagnating of real wages as well as an enlargement of the west east downward gradient (see above), since it gives in the east to today practically no motorways. The confidence of foreign investors was repaired however. In addition first led (1998-2002) as well as the second (starting from 2002) government Dzurinda various Preisderegulierungen, tax revisions and other rapid reforms through. In a later phase also new industrial estates were created and be worth-worth projects like the settlement by automakers from national means were promoted. The national promotions are regarded partially as exaggerated. The most important innovation, which improved the image of the country in the entrepreneur circles clearly, was flat since 1 January 2004 the introduction of a in such a way specified "tax" (see above).

Articles in category "Economics of the Slowakei [2 / 2]"

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