Slovakia Economic Analysis

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Slovakia Economic Analysis

Country: Slovak Republic
Formation of the Slovak Republic
The Slovak Republic, or Slovakia, is located in Eastern Europe with a population of 5.4 million people and borders the countries of Poland, Austria, the Ukraine, and the Czech Republic (The World Bank). As originally part of the former nation of Czechoslovakia, the Slovak Republic has only recently begun to write its own history (Abizadeh, p. 171).
During 1989 many revolts took place against eastern European governments under communism, including Czechoslovakia (Slovakia.Org, “20th Century”). Both Slovaks and Czechs staged massive protests against communism in Czechoslovakia and ended the communist regime in November 1989 (Slovakia.Org, “20th Century”). Under the new non-communist system of government, the two republics of Czechoslovakia were established: the Slovak Republic and the Czech Republic (Embassy of the Slovak Republic). In June 1990, with the federal and republic-level governments in place, free elections were held for the first time in the country since 1946 (Slovakia.Org, “20th Century”).
The main concern of the new government was the transformation of Czechoslovakia from a state-controlled to a free market economy (Embassy of the Slovak Republic). Disputes arose between the two republics about reform process which focused on privatization, the encouragement of foreign investment, policy of macro-economic stabilization, price liberalization, and liberalization of foreign trade (Slovakia.Org, “20th Century”). The Czech Republic was more economically developed than the industrial-based economy of Slovakia (Slovakia.Org, “20th Century”). The transition to a market economy left the Slovak Republic to endure greater economic hardships than the Czech Republic (Sovakia.Org, “20th Century”). For example, the federal government chose to dramatically cut the country’s defense industry, resulting in a large decrease in industrial production and a large rise in unemployment in Slovakia (Slovakia.Org, “Slovak Economy”). This took place because the economy that rose out of the communist era in Slovakia was based on industrial production, particularly on weapons and military equipment (Slovakia.Org, “Slovak Economy”).
There was a great difference of opinions between the Slovaks and Czechs about the nature and pace of economic reform in Czechoslovakia (Slovakia.Org, “20th Century”). The disagreements delayed the reform process and also the acceptance of a new constitutio...

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