Slovakia joins OECD

The Slovak Republic signed an agreement on terms for becoming the OECD’s 30th member on September 28, after the OECD Council agreed in July to invite it to join. This completes the “Partners in Transition” programme launched by the OECD in 1991 to help Hungary, Poland, the Czech Republic and Slovakia move to market-based systems as a step towards joining the OECD.
Despite a slowdown in the reform process during the 1990s, Slovakia recently adopted a more forceful approach to economic reform. In addition, the government has embarked on a plan to restructure and privatise the country’s largest banks.Slovakia will benefit from the economic monitoring and peer reviews of the OECD, helping the government develop its long-term economic strategy. Membership of the OECD will also generate information flow to interested communities, particularly to potential investors who can help complete the economic transformation.With its own experiences of transition still fresh, the Slovak Republic can play an important role in ongoing discussions with prospective OECD members currently making the transition to market economies. The Slovak parliament will have to ratify the accession agreement before the Republic formally becomes and OECD member.©OECD Observer No 223, October 2000

Economic data

GDP growth: -9.8% Q2/Q1 2020 2020
Consumer price inflation: 1.3% Sep 2020 annual
Trade (G20): -17.7% exp, -16.7% imp, Q2/Q1 2020
Unemployment: 7.3% Sep 2020
Last update: 10 Nov 2020

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