The International Monetary Fund (IMF) has reported in its latest World Economic Outlook report that the Slovak economy is expected to mark a significant drop this year, followed by an economic revival next year.
The IMF expects Slovak GDP to drop by 7.1% in 2020 and to rise by 6.9% in 2021, while the unemployment rate will rise to 7.8%, as compared to 5.8% last year. In 2021 it is expected to decrease to 7.1%. The general government deficit will jump to 8.8% of GDP this year from 1.3% of GDP last year, while in 2021 it should shrink to 4.6% of GDP. The growth rate of consumer prices will slow down to 1.5% from 2.8% last year, and inflation is expected to stagnate at 1.5% next year.
According to the IMF, the current account deficit will widen to 3.1% of GDP in 2020 and to 4.1% in 2021, from 2.9% in 2019.
