Slovakia is a developed country with an advanced high-income economy, ranking very high on the Human Development Index. It also performs favourably in measurements of civil liberties, press freedom, internet freedom, democratic governance, and peacefulness. The country maintains a combination of a market economy with a comprehensive social security system, providing citizens with universal health care, free education, and one of the longest-paid parental leaves in the OECD.
Slovakia is a member of the European Union, the Eurozone, the Schengen Area, the United Nations, NATO, CERN, the OECD, the WTO, the Council of Europe, the Visegrád Group, and the OSCE. Slovakia is also home to eight UNESCO World Heritage Sites.
In 2007, Slovakia obtained the highest GDP growth among the members of the OECD and the EU, with a record level of 14.3% in the fourth quarter. In 2014, GDP growth was 2.4%; in 2015 and 2016, Slovakia’s economy grew by 3.6% and 3.3%, respectively. The GDP per capita equalled 78% of the average of the European Union in 2018. It ranges from 188% of the EU average in Bratislava to 54% in Eastern Slovakia.
The OECD reported in 2017 that the Slovak Republic continues exhibiting robust economic performance, with solid growth backed by a sound financial sector, low public debt and high international competitiveness drawing on significant inward investment. Although regional income inequality is high, 90% of citizens own their homes. The ratio of government debt to GDP in Slovakia reached 49.4% by the end of 2018, far below the OECD average.
In 2021, Slovakia was ranked by the International Monetary Fund as the 45th richest country in the world (out of 226 countries and territories), with a purchasing power parity per capita GDP of EUR 32,710 (USD 34,815). As of 2021, with a population of only 5 million, Slovakia is the 61st largest economy in the world (out of 216 countries and territories). In 2021, Slovakia met a growth of 4.4%, hindered by supply shortages that affected the automotive sector (which accounts for almost 14% of GDP alone).
Slovakia ranks 45th out of 190 economies in terms of ease of doing business, according to the 2020 World Bank Doing Business Report and 57th out of the 63 countries and territories in terms of a competitive economy, according to the 2020 World Competitiveness Yearbook Report.