Slovakia instance of country
The country used to be dubbed the "Tatra Tiger" in the 2000s as it successfully transformed from a centrally planned economy to a market-driven economy and achieved, on average, roughly 6% per capita GDP growth each year from 2000 to 2008. Major privatisations are completed, the banking sector is almost completely in private hands, and foreign investment has risen. The Slovak economy is one of the fastest-growing economies in Europe and 3rd-fastest in eurozone (2017). In 2007, 2008 and 2010 (with GDP growth of 10.5%, 6% and 4%, retrospectively). In 2016, more than 86% of Slovak exports went to the European Union, and more than 50% of Slovak imports came from other European Union member states.The ratio of government debt to GDP in Slovakia reached 49.4% by the end of 2018, far below the OECD average.Unemployment, peaking at 19% at the end of 1999, decreased to 4.9% in 2019, lowest recorded rate in Slovak history.Slovakia adopted the Euro currency on 1 January 2009 as the 16th member of the Eurozone. The euro in Slovakia was approved by the European commission on 7 May 2008. The Slovak koruna was revalued on 28 May 2008 to 30.126 for 1 euro, which was also the exchange rate for the euro.The Slovak government encourages foreign investment since it is one of the driving forces of the economy. Slovakia is an attractive country for foreign investors mainly because of its low wages, low tax rates, well educated labour force, favourable geographic location in the heart of Central Europe, strong political stability and good international relations reinforced by the country's accession to the European Union. Some regions, mostly at the east of Slovakia have failed to attract major investment, which has aggravated regional disparities in many economic and social areas. Foreign direct investment inflow grew more than 600% from 2000 and cumulatively reached an all-time high of $17.3 billion in 2006, or around $22,000 per capita by the end of 2008.
Slovakia ranks 45th out of 190 economies in terms of ease of doing business, according to the 2020 World Bank Doing Business Report and 49th out of the 63 countries and territories in terms of competitive economy, according to the 2022 World Competitiveness Yearbook Report.
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