News in Brief Spring 2015
News in Brief Spring 2015
OECD Secretary-General Gurría: Slovenia is on the right path and has to continue with the reforms
The Slovenian economy seems to be fully recovering from one of the deepest and the longest crises among the OECD countries. This is in essence the main conclusion of the latest OECD Economic Survey of Slovenia. The report was presented by the Secretary-General Angel Gurría, who visited Ljubljana in early May. Slovenia has just closed 2014 with a 2.6% positive growth. The labor market is improving, and the government is able to borrow at low yields. »Reforms have helped Slovenia to regain the trust of the markets, and the confidence needed to boost domestic activity. Fiscal consolidation has been important, as have major reform efforts in the areas of pensions, the labor market, the restructuring and recapitalization of banks, and privatization. I should also mention that despite having one of the deepest and longest crises among OECD countries, Slovenia continues to rank favorably on well-being indicators, and it has succeeded in preserving one of the lowest levels of income inequality in the OECD,« stressed Gurría. Not everything is rosy yet, though. The reform process, especially the privatization, should continue. Further structural reforms are also needed in the fiscal area, in education and public and local administration. Particular importance should be given to the reform of the pension system, as Slovenia's populace is aging faster than many other OECD countries
Economic Growth: Above the Eurozone Average
The European commission's latest forecasts for Slovenia show improved figures above the Eurozone averages. The economy grew by 2.6 percent last year. Slovenia's growth will slow down in the next couple of years, though 2.3 percent in 2015 and 2.1 percent in 2016 is still above the Eurozone average. The country should also bring down the fiscal deficit to fewer than three percent this year. Debt will gradually rise, yet remain under the Eurozone average. Unemployment should fall under 10 percent mark with 9.4 percent by the end of the year.
In May, Slovenia received »only« four suggestions (instead of eight) from the European Commission and was named the second best follower of the EC's prescriptions, superseded only by Great Britain.
Slovenia: The Best Lobbying Regulation in Europe
The report on lobbying regulation in Europe published by Transparency International this spring somewhat surprisingly put Slovenia in its top place. Slovenia scored 55 percent while the average score for the quality of lobbying regulation was 31 percent. Overall, nineteen countries and three institutions were analyzed in the report. Only Slovenia and the European Commission exceeded the 50 percent score. Slovenian legislators earned the favorable result with the well prepared Integrity Prevention and Corruption Act, giving substantial power to the Commission for the Prevention of Corruption. The local nongovernment organizations agree that the lobbying legislation may be adequate. They hastily add, though, that its implementation is somewhat lacking.