Slovak Republic : Development Policy Review, Volume 2. Main Report
Although the unsustainably high external current account, and fiscal deficits may be financed with the country's capital account surplus (twenty percent of GDP), such situation is not likely to last. The country's policy impact on the rea...
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| Language: | English en_US |
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Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2002/11/2093627/slovak-republic-development-policy-review-vol-2-2-main-report http://hdl.handle.net/10986/15731 |
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okr-10986-15731 |
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oai_dc |
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Digital Repository |
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Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNTING ACCOUNTING STANDARDS AGRICULTURE ASSET STRIPPING BANK LENDING BANK RESTRUCTURING BANK SUPERVISION BANKING SECTOR BANKRUPTCY BONDS BUDGET DEFICITS CIVIL SERVICE CLASSIFIED LOANS COMPETITIVENESS CONSOLIDATION CORPORATE GOVERNANCE CORPORATE INCOME TAX CPI CROWDING OUT DEBT DEBT SERVICE DEMOGRAPHIC ASSUMPTIONS DEPOSIT INSURANCE DEPRECIATION DEVALUATION DEVELOPMENT PROJECTS DEVELOPMENT STRATEGY ECONOMIC ASSISTANCE ECONOMIC PROGRAMS ECONOMIC RECOVERY EXCHANGE RATE EXPENDITURES EXPORTS EXTRAORDINARY ITEMS FINANCIAL MARKETS FINANCIAL SECTOR FISCAL DEFICITS FISCAL POLICY GDP GROSS DOMESTIC PRODUCT GROWTH RATE HIGH UNEMPLOYMENT IMPORTS INCOME INFLATION INFLATION RATE INSURANCE INTEREST RATE INTEREST RATES INTERNATIONAL TRADE LABOR COSTS LABOR FORCE LAWS LEGAL FRAMEWORK LOAN GUARANTEES MARKET LIBERALIZATION MINIMUM WAGES NATIONAL BANK OF SLOVAKIA NET EXPORTS NOMINAL INTEREST RATE PAYMENT ARREARS PENSIONS PER CAPITA INCOME PRESENT VALUE PRIVATE CONSUMPTION PRIVATE SECTOR PRIVATIZATION PRODUCTIVE RESOURCES PRODUCTIVITY PROFITABILITY PUBLIC DEBT PUBLIC EXPENDITURE PUBLIC EXPENDITURE MANAGEMENT PUBLIC PROCUREMENT PUBLIC SECTOR PUBLIC SERVICE REAL GDP REAL INTEREST RATE REAL RATE OF INTEREST REAL WAGES REDEMPTION REVENUE COLLECTION STATE BANKS SURCHARGES TAX RATES TAX REVENUES TELECOMMUNICATIONS TRADE LIBERALIZATION TRANSPARENCY TRANSPORT TREASURY UNEMPLOYMENT UNEMPLOYMENT RATE UNEMPLOYMENT RATES URUGUAY ROUND UTILITIES VALUE ADDED WAGES WORLD TRADE ORGANIZATION DEVELOPMENT POLICY EXTERNAL ACCOUNTS FISCAL DEFICITS CAPITAL ACCOUNT GROSS DOMESTIC PRODUCT REAL EXCHANGE RATE EMPLOYMENT POTENTIAL EMPLOYMENT OPPORTUNITIES ENTERPRISE DEVELOPMENT SUBSIDIES PUBLIC EXPENDITURES RETIREMENT AGE TRANSITION ECONOMIES TAX BURDENS PAYROLL TAXES VALUE ADDED TAXES EUROPEAN UNION MEMBERSHIP INVESTMENT INCENTIVES TARIFF POLICY PRIVATIZATION LABOR MARKET POLICY DEBT RESOLUTION TRADE CONTROLS SOCIAL PROTECTION SYSTEMS HEALTH CARE EDUCATION SECTOR PROGRAM BUDGETING DECENTRALIZATION JUDICIAL REFORM |
| spellingShingle |
ACCOUNTING ACCOUNTING STANDARDS AGRICULTURE ASSET STRIPPING BANK LENDING BANK RESTRUCTURING BANK SUPERVISION BANKING SECTOR BANKRUPTCY BONDS BUDGET DEFICITS CIVIL SERVICE CLASSIFIED LOANS COMPETITIVENESS CONSOLIDATION CORPORATE GOVERNANCE CORPORATE INCOME TAX CPI CROWDING OUT DEBT DEBT SERVICE DEMOGRAPHIC ASSUMPTIONS DEPOSIT INSURANCE DEPRECIATION DEVALUATION DEVELOPMENT PROJECTS DEVELOPMENT STRATEGY ECONOMIC ASSISTANCE ECONOMIC PROGRAMS ECONOMIC RECOVERY EXCHANGE RATE EXPENDITURES EXPORTS EXTRAORDINARY ITEMS FINANCIAL MARKETS FINANCIAL SECTOR FISCAL DEFICITS FISCAL POLICY GDP GROSS DOMESTIC PRODUCT GROWTH RATE HIGH UNEMPLOYMENT IMPORTS INCOME INFLATION INFLATION RATE INSURANCE INTEREST RATE INTEREST RATES INTERNATIONAL TRADE LABOR COSTS LABOR FORCE LAWS LEGAL FRAMEWORK LOAN GUARANTEES MARKET LIBERALIZATION MINIMUM WAGES NATIONAL BANK OF SLOVAKIA NET EXPORTS NOMINAL INTEREST RATE PAYMENT ARREARS PENSIONS PER CAPITA INCOME PRESENT VALUE PRIVATE CONSUMPTION PRIVATE SECTOR PRIVATIZATION PRODUCTIVE RESOURCES PRODUCTIVITY PROFITABILITY PUBLIC DEBT PUBLIC EXPENDITURE PUBLIC EXPENDITURE MANAGEMENT PUBLIC PROCUREMENT PUBLIC SECTOR PUBLIC SERVICE REAL GDP REAL INTEREST RATE REAL RATE OF INTEREST REAL WAGES REDEMPTION REVENUE COLLECTION STATE BANKS SURCHARGES TAX RATES TAX REVENUES TELECOMMUNICATIONS TRADE LIBERALIZATION TRANSPARENCY TRANSPORT TREASURY UNEMPLOYMENT UNEMPLOYMENT RATE UNEMPLOYMENT RATES URUGUAY ROUND UTILITIES VALUE ADDED WAGES WORLD TRADE ORGANIZATION DEVELOPMENT POLICY EXTERNAL ACCOUNTS FISCAL DEFICITS CAPITAL ACCOUNT GROSS DOMESTIC PRODUCT REAL EXCHANGE RATE EMPLOYMENT POTENTIAL EMPLOYMENT OPPORTUNITIES ENTERPRISE DEVELOPMENT SUBSIDIES PUBLIC EXPENDITURES RETIREMENT AGE TRANSITION ECONOMIES TAX BURDENS PAYROLL TAXES VALUE ADDED TAXES EUROPEAN UNION MEMBERSHIP INVESTMENT INCENTIVES TARIFF POLICY PRIVATIZATION LABOR MARKET POLICY DEBT RESOLUTION TRADE CONTROLS SOCIAL PROTECTION SYSTEMS HEALTH CARE EDUCATION SECTOR PROGRAM BUDGETING DECENTRALIZATION JUDICIAL REFORM World Bank Slovak Republic : Development Policy Review, Volume 2. Main Report |
| geographic_facet |
Europe and Central Asia Slovak Republic |
| description |
Although the unsustainably high external
current account, and fiscal deficits may be financed with
the country's capital account surplus (twenty percent
of GDP), such situation is not likely to last. The
country's policy impact on the real exchange rate,
undermines the employability of large segments of the
population, which will ultimately hamper growth. The study
proposes an agenda on key issues, such as curtailing
enterprise subsidies, and other guarantee payments,
redirecting, rather than expanding, existing expenditure
programs to meet the eligibility criteria for structural
funds financing. In addition, further increasing the
retirement age, would put public pensions on a sustainable
footing, and avoid the massive fiscal deficits the
demographic transition is bringing, and, postponing the
revenue reduction (from 38 percent of GDP in 2000 to a
projected 35 percent in 2002, to a target of 33 percent of
GDP in 2004) until such time as the expected cutback in
expenditure has actually materialized, should be part of the
development agenda. The tax burden should be balanced away
from payroll taxes, e.g., streamlining Value Added Tax (VAT)
refunds, or trimming tax incentives for investment to
European Union-compatible levels. Moreover, the planned
increases in electricity, and natural gas tariffs should be
brought forward, and, the internal trade border within the
Czech-Slovak customs union should be brought down ahead of
EU accession. Longer term reform efforts should focus on
social protection, health care, and education, based on a
governance approach built on transforming budget frameworks,
consolidating decentralization efforts, and launching a
major judicial reform. |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Slovak Republic : Development Policy Review, Volume 2. Main Report |
| title_short |
Slovak Republic : Development Policy Review, Volume 2. Main Report |
| title_full |
Slovak Republic : Development Policy Review, Volume 2. Main Report |
| title_fullStr |
Slovak Republic : Development Policy Review, Volume 2. Main Report |
| title_full_unstemmed |
Slovak Republic : Development Policy Review, Volume 2. Main Report |
| title_sort |
slovak republic : development policy review, volume 2. main report |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2002/11/2093627/slovak-republic-development-policy-review-vol-2-2-main-report http://hdl.handle.net/10986/15731 |
| _version_ |
1764427190012739584 |
| spelling |
okr-10986-157312021-04-23T14:03:15Z Slovak Republic : Development Policy Review, Volume 2. Main Report World Bank ACCOUNTING ACCOUNTING STANDARDS AGRICULTURE ASSET STRIPPING BANK LENDING BANK RESTRUCTURING BANK SUPERVISION BANKING SECTOR BANKRUPTCY BONDS BUDGET DEFICITS CIVIL SERVICE CLASSIFIED LOANS COMPETITIVENESS CONSOLIDATION CORPORATE GOVERNANCE CORPORATE INCOME TAX CPI CROWDING OUT DEBT DEBT SERVICE DEMOGRAPHIC ASSUMPTIONS DEPOSIT INSURANCE DEPRECIATION DEVALUATION DEVELOPMENT PROJECTS DEVELOPMENT STRATEGY ECONOMIC ASSISTANCE ECONOMIC PROGRAMS ECONOMIC RECOVERY EXCHANGE RATE EXPENDITURES EXPORTS EXTRAORDINARY ITEMS FINANCIAL MARKETS FINANCIAL SECTOR FISCAL DEFICITS FISCAL POLICY GDP GROSS DOMESTIC PRODUCT GROWTH RATE HIGH UNEMPLOYMENT IMPORTS INCOME INFLATION INFLATION RATE INSURANCE INTEREST RATE INTEREST RATES INTERNATIONAL TRADE LABOR COSTS LABOR FORCE LAWS LEGAL FRAMEWORK LOAN GUARANTEES MARKET LIBERALIZATION MINIMUM WAGES NATIONAL BANK OF SLOVAKIA NET EXPORTS NOMINAL INTEREST RATE PAYMENT ARREARS PENSIONS PER CAPITA INCOME PRESENT VALUE PRIVATE CONSUMPTION PRIVATE SECTOR PRIVATIZATION PRODUCTIVE RESOURCES PRODUCTIVITY PROFITABILITY PUBLIC DEBT PUBLIC EXPENDITURE PUBLIC EXPENDITURE MANAGEMENT PUBLIC PROCUREMENT PUBLIC SECTOR PUBLIC SERVICE REAL GDP REAL INTEREST RATE REAL RATE OF INTEREST REAL WAGES REDEMPTION REVENUE COLLECTION STATE BANKS SURCHARGES TAX RATES TAX REVENUES TELECOMMUNICATIONS TRADE LIBERALIZATION TRANSPARENCY TRANSPORT TREASURY UNEMPLOYMENT UNEMPLOYMENT RATE UNEMPLOYMENT RATES URUGUAY ROUND UTILITIES VALUE ADDED WAGES WORLD TRADE ORGANIZATION DEVELOPMENT POLICY EXTERNAL ACCOUNTS FISCAL DEFICITS CAPITAL ACCOUNT GROSS DOMESTIC PRODUCT REAL EXCHANGE RATE EMPLOYMENT POTENTIAL EMPLOYMENT OPPORTUNITIES ENTERPRISE DEVELOPMENT SUBSIDIES PUBLIC EXPENDITURES RETIREMENT AGE TRANSITION ECONOMIES TAX BURDENS PAYROLL TAXES VALUE ADDED TAXES EUROPEAN UNION MEMBERSHIP INVESTMENT INCENTIVES TARIFF POLICY PRIVATIZATION LABOR MARKET POLICY DEBT RESOLUTION TRADE CONTROLS SOCIAL PROTECTION SYSTEMS HEALTH CARE EDUCATION SECTOR PROGRAM BUDGETING DECENTRALIZATION JUDICIAL REFORM Although the unsustainably high external current account, and fiscal deficits may be financed with the country's capital account surplus (twenty percent of GDP), such situation is not likely to last. The country's policy impact on the real exchange rate, undermines the employability of large segments of the population, which will ultimately hamper growth. The study proposes an agenda on key issues, such as curtailing enterprise subsidies, and other guarantee payments, redirecting, rather than expanding, existing expenditure programs to meet the eligibility criteria for structural funds financing. In addition, further increasing the retirement age, would put public pensions on a sustainable footing, and avoid the massive fiscal deficits the demographic transition is bringing, and, postponing the revenue reduction (from 38 percent of GDP in 2000 to a projected 35 percent in 2002, to a target of 33 percent of GDP in 2004) until such time as the expected cutback in expenditure has actually materialized, should be part of the development agenda. The tax burden should be balanced away from payroll taxes, e.g., streamlining Value Added Tax (VAT) refunds, or trimming tax incentives for investment to European Union-compatible levels. Moreover, the planned increases in electricity, and natural gas tariffs should be brought forward, and, the internal trade border within the Czech-Slovak customs union should be brought down ahead of EU accession. Longer term reform efforts should focus on social protection, health care, and education, based on a governance approach built on transforming budget frameworks, consolidating decentralization efforts, and launching a major judicial reform. 2013-09-09T20:27:32Z 2013-09-09T20:27:32Z 2002-11 http://documents.worldbank.org/curated/en/2002/11/2093627/slovak-republic-development-policy-review-vol-2-2-main-report http://hdl.handle.net/10986/15731 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Europe and Central Asia Slovak Republic |