Slovak Republic:2022 Article IV Consultation-Press Release; and Staff Report

Slovak Republic: 2022 Article IV Consultation-Press Release; and Staff Report

Volume/Issue: Volume 2022 Issue 202

Publication date: June 2022

ISBN: 9798400214776

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Inflation , Labor , Money and Monetary Policy , Public Finance , International - Economics , money market rate , climate mitigation goal , policy priority , Policy recommendation , liability positions vis-à-vis nonresident , IMF's transparency policy , Inflation , Housing prices , Mortgages , Labor markets , Global , Europe

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Summary

Slovakia is highly vulnerable to the war in Ukraine, given its geographical proximity, heavy reliance on energy imports from Russia, and high integration into global value chains. The shock occurs against the backdrop of an incomplete recovery from the pandemic, with activity hampered by breakdowns in global supply chains and resurgent infection waves. Growth is projected to slow to 2.2 percent and inflation to surge to over 10 percent in 2022, with sizable downside risks amidst exceptionally large uncertainty.