The Korea Times: Slovakia Is Fast Growing Market Economy in Central Europe

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Slovakia Is Fast Growing Market Economy in Central Europe

The economy of Slovakia is considered one of the fastest growing market economies in Central Europe. Since 1989, the country has gone through important changes, of which the aim was to firstly transition it from a centrally planned economy to a market economy. Further numerous reforms (health care, pension system and tax) should improve the economic situation. Thanks to several reforms, the competitiveness of Slovakia increased toward other countries of the European Union, of which it has been a member since May 1, 2004. This is also a reason why Slovakia attracts more and more foreign investment. The investors are also interested in the 19-percent flat tax and the high quality cheap labor force.