Aggregate demand has surged in the form of increased personal and government consumption. At the same time that the budget deficit is growing, the money supply has been rapidly increasing, which could apply upward pressure on inflation. The trade and current account deficits both are mounting as imports soar and exports sag. Perhaps most troubling, Slovakia continues to have difficulty attracting foreign investment because of perceived political problems and halting progress on restructuring and privatization. Continuing economic recovery in western Europe should boost exports and production, but Slovakia's position with foreign creditors and investors could suffer setbacks in 1998 if progress on privatization and restructuring stalls and if domestic political problems continue to tarnish its international image.
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