Economic development in the Slovak Republic: Achieved results and prospects for future development

Abstract

Slovakia's accession to the EU provided a positive impulse for further economic development, describing the main indicators of the business environment, including the analysis of the general macroeconomic environment, GDP and the labor market. The Slovak Republic focuses on current trends regarding the issue of shortages of skilled labor and employment of foreigners. The most important tasks that the Slovak Government must provide in Slovakia are sustainable economic growth combined with job creation and improving business conditions. Foreign direct investment and corporate sector are major factors that will initiate growth of the economy and employment in Slovakia. New investments also mean modernization of production, new technologies, creating new jobs and progress of the economy. This paper puts a special emphasis on the benefits of the fourth industrial revolution, impersonated in the automation and digitalization of processes and continuous innovations, which resulted in the economic growth and development in Slovak Republic.

Keywords

• economic growth
• business environment
• gdp
• investments
• employment
• slovak republic