Two governments of the “liberal-conservative” Prime Minister Mikuláš Dzurinda (1998–2006) pursued macroeconomic stabilisation policies and market-oriented structural reforms. Nearly the entire economy has been privatised, and foreign investment has picked up. Economic growth exceeded expectations in the early 2000s, despite a recession in key export markets. In 2001 policies of macroeconomic stabilisation and structural reform led to spiralling unemployment.
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.
But each new market brings new challenges. These can be worked through efficiently and cost-effectively with the support of an international Professional Employer Organisation (PEO) such as Bradford Jacobs, primarily through our Employer of Record (EOR) framework. This can be best utilised when businesses are just beginning their expansion process and require more information before incorporating an entity and fully establishing themselves in that market.