Slovak Republic : Development Policy Review, Volume 1. Summary Report
Although the unsustainably high external current account, and fiscal deficits may be financed with the country's capital account surplus (twenty percent of GDP), such situation is not likely to last. The country's policy impact on the rea...
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| Language: | English en_US |
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Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2002/11/2093626/slovak-republic-development-policy-review-vol-1-2-summary-report http://hdl.handle.net/10986/15322 |
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okr-10986-15322 |
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oai_dc |
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Digital Repository |
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Foreign Institution |
| institution |
Digital Repositories |
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World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
DEVELOPMENT POLICY EXTERNAL ACCOUNTS FISCAL DEFICITS CAPITAL ACCOUNT GROSS DOMESTIC PRODUCT REAL EXCHANGE RATE EMPLOYMENT POTENTIAL EMPLOYMENT OPPORTUNITIES ENTERPRISE DEVELOPMENT SUBSIDIES PUBLIC EXPENDITURES RETIREMENT AGE TRANSITION ECONOMIES TAX BURDENS PAYROLL TAXES VALUE ADDED TAXES EUROPEAN UNION MEMBERSHIP INVESTMENT INCENTIVES TARIFF POLICY PRIVATIZATION LABOR MARKET POLICY DEBT RESOLUTION TRADE CONTROLS SOCIAL PROTECTION SYSTEMS HEALTH CARE EDUCATION SECTOR PROGRAM BUDGETING DECENTRALIZATION JUDICIAL REFORM ACCOUNTABILITY ACCOUNTING AGRICULTURAL OUTPUT AGRICULTURE ASSETS AUCTIONS BALANCE OF PAYMENTS BANK LENDING BANK PRIVATIZATION BANKING SECTOR BANKING SECTOR REFORMS BANKS BONDS BUDGET CONSTRAINTS BUDGET DEFICITS CAPITAL FORMATION CAPITAL MARKETS CD CIVIL SERVICE CONSOLIDATION CONSUMERS CORPORATE INCOME TAX COST SAVINGS CPI CROWDING OUT DEBT DEBT SERVICE DECENTRALIZATION DEMOGRAPHIC TRANSITION DEPOSIT INSURANCE DEVOLUTION ECONOMIC ASSISTANCE ECONOMIC PERFORMANCE ELECTRICITY EXCESS DEMAND EXCHANGE RATE EXCHANGE RATES EXPENDITURES EXPORTS EXTRAORDINARY ITEMS FARMS FINANCIAL CRISIS FINANCIAL MARKETS FINANCIAL SECTOR FISCAL DEFICITS FULL EMPLOYMENT GDP GOVERNMENT GUARANTEES GROSS DOMESTIC PRODUCT GROWTH RATE HEALTH SERVICES IMPORT TARIFFS IMPORTS INCOME INCOME DISTRIBUTION INFLATION INSURANCE INTEREST RATE INTEREST RATES INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL TRADE LABOR FORCE LABOR MARKETS LEGISLATION LIVING STANDARDS MUNICIPALITIES NATIONAL BANK OF SLOVAKIA NATURAL RESOURCES NET EXPORTS OIL OPERATING LOSSES PAYMENT ARREARS PAYROLL TAXES PENSIONS PER CAPITA INCOME POLICY INSTRUMENTS PRIVATE CONSUMPTION PRIVATE SECTOR PRIVATIZATION PRODUCERS PRODUCTIVITY PROFIT MARGINS PROFITABILITY PUBLIC DEBT PUBLIC EXPENDITURE PUBLIC EXPENDITURE MANAGEMENT PUBLIC PROCUREMENT PUBLIC RESOURCES PUBLIC SECTOR PUBLIC SECTOR DEFICIT PUBLIC SERVICE PUBLIC TRANSPORT REAL GDP REDEMPTION RETIREMENT ROADS SHORT TERM BORROWING SMALL BUSINESS STATISTICAL DATA STREAMS SURCHARGES TAX INCENTIVES TAX RATES TAX REVENUES TELECOMMUNICATIONS TRANSPORT UNEMPLOYMENT URUGUAY ROUND UTILITIES VALUE ADDED WAGES WORLD TRADE ORGANIZATION |
| spellingShingle |
DEVELOPMENT POLICY EXTERNAL ACCOUNTS FISCAL DEFICITS CAPITAL ACCOUNT GROSS DOMESTIC PRODUCT REAL EXCHANGE RATE EMPLOYMENT POTENTIAL EMPLOYMENT OPPORTUNITIES ENTERPRISE DEVELOPMENT SUBSIDIES PUBLIC EXPENDITURES RETIREMENT AGE TRANSITION ECONOMIES TAX BURDENS PAYROLL TAXES VALUE ADDED TAXES EUROPEAN UNION MEMBERSHIP INVESTMENT INCENTIVES TARIFF POLICY PRIVATIZATION LABOR MARKET POLICY DEBT RESOLUTION TRADE CONTROLS SOCIAL PROTECTION SYSTEMS HEALTH CARE EDUCATION SECTOR PROGRAM BUDGETING DECENTRALIZATION JUDICIAL REFORM ACCOUNTABILITY ACCOUNTING AGRICULTURAL OUTPUT AGRICULTURE ASSETS AUCTIONS BALANCE OF PAYMENTS BANK LENDING BANK PRIVATIZATION BANKING SECTOR BANKING SECTOR REFORMS BANKS BONDS BUDGET CONSTRAINTS BUDGET DEFICITS CAPITAL FORMATION CAPITAL MARKETS CD CIVIL SERVICE CONSOLIDATION CONSUMERS CORPORATE INCOME TAX COST SAVINGS CPI CROWDING OUT DEBT DEBT SERVICE DECENTRALIZATION DEMOGRAPHIC TRANSITION DEPOSIT INSURANCE DEVOLUTION ECONOMIC ASSISTANCE ECONOMIC PERFORMANCE ELECTRICITY EXCESS DEMAND EXCHANGE RATE EXCHANGE RATES EXPENDITURES EXPORTS EXTRAORDINARY ITEMS FARMS FINANCIAL CRISIS FINANCIAL MARKETS FINANCIAL SECTOR FISCAL DEFICITS FULL EMPLOYMENT GDP GOVERNMENT GUARANTEES GROSS DOMESTIC PRODUCT GROWTH RATE HEALTH SERVICES IMPORT TARIFFS IMPORTS INCOME INCOME DISTRIBUTION INFLATION INSURANCE INTEREST RATE INTEREST RATES INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL TRADE LABOR FORCE LABOR MARKETS LEGISLATION LIVING STANDARDS MUNICIPALITIES NATIONAL BANK OF SLOVAKIA NATURAL RESOURCES NET EXPORTS OIL OPERATING LOSSES PAYMENT ARREARS PAYROLL TAXES PENSIONS PER CAPITA INCOME POLICY INSTRUMENTS PRIVATE CONSUMPTION PRIVATE SECTOR PRIVATIZATION PRODUCERS PRODUCTIVITY PROFIT MARGINS PROFITABILITY PUBLIC DEBT PUBLIC EXPENDITURE PUBLIC EXPENDITURE MANAGEMENT PUBLIC PROCUREMENT PUBLIC RESOURCES PUBLIC SECTOR PUBLIC SECTOR DEFICIT PUBLIC SERVICE PUBLIC TRANSPORT REAL GDP REDEMPTION RETIREMENT ROADS SHORT TERM BORROWING SMALL BUSINESS STATISTICAL DATA STREAMS SURCHARGES TAX INCENTIVES TAX RATES TAX REVENUES TELECOMMUNICATIONS TRANSPORT UNEMPLOYMENT URUGUAY ROUND UTILITIES VALUE ADDED WAGES WORLD TRADE ORGANIZATION World Bank Slovak Republic : Development Policy Review, Volume 1. Summary Report |
| geographic_facet |
Europe and Central Asia Slovak Republic |
| description |
Although the unsustainably high external
current account, and fiscal deficits may be financed with
the country's capital account surplus (twenty percent
of GDP), such situation is not likely to last. The
country's policy impact on the real exchange rate,
undermines the employability of large segments of the
population, which will ultimately hamper growth. The study
proposes an agenda on key issues, such as curtailing
enterprise subsidies, and other guarantee payments,
redirecting, rather than expanding, existing expenditure
programs to meet the eligibility criteria for structural
funds financing. In addition, further increasing the
retirement age, would put public pensions on a sustainable
footing, and avoid the massive fiscal deficits the
demographic transition is bringing, and, postponing the
revenue reduction (from 38 percent of GDP in 2000 to a
projected 35 percent in 2002, to a target of 33 percent of
GDP in 2004) until such time as the expected cutback in
expenditure has actually materialized, should be part of the
development agenda. The tax burden should be balanced away
from payroll taxes, e.g., streamlining Value Added Tax (VAT)
refunds, or trimming tax incentives for investment to
European Union-compatible levels. Moreover, the planned
increases in electricity, and natural gas tariffs should be
brought forward, and, the internal trade border within the
Czech-Slovak customs union should be brought down ahead of
EU accession. Longer term reform efforts should focus on
social protection, health care, and education, based on a
governance approach built on transforming budget frameworks,
consolidating decentralization efforts, and launching a
major judicial reform. |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Slovak Republic : Development Policy Review, Volume 1. Summary Report |
| title_short |
Slovak Republic : Development Policy Review, Volume 1. Summary Report |
| title_full |
Slovak Republic : Development Policy Review, Volume 1. Summary Report |
| title_fullStr |
Slovak Republic : Development Policy Review, Volume 1. Summary Report |
| title_full_unstemmed |
Slovak Republic : Development Policy Review, Volume 1. Summary Report |
| title_sort |
slovak republic : development policy review, volume 1. summary report |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2002/11/2093626/slovak-republic-development-policy-review-vol-1-2-summary-report http://hdl.handle.net/10986/15322 |
| _version_ |
1764427186781028352 |
| spelling |
okr-10986-153222021-04-23T14:03:15Z Slovak Republic : Development Policy Review, Volume 1. Summary Report World Bank DEVELOPMENT POLICY EXTERNAL ACCOUNTS FISCAL DEFICITS CAPITAL ACCOUNT GROSS DOMESTIC PRODUCT REAL EXCHANGE RATE EMPLOYMENT POTENTIAL EMPLOYMENT OPPORTUNITIES ENTERPRISE DEVELOPMENT SUBSIDIES PUBLIC EXPENDITURES RETIREMENT AGE TRANSITION ECONOMIES TAX BURDENS PAYROLL TAXES VALUE ADDED TAXES EUROPEAN UNION MEMBERSHIP INVESTMENT INCENTIVES TARIFF POLICY PRIVATIZATION LABOR MARKET POLICY DEBT RESOLUTION TRADE CONTROLS SOCIAL PROTECTION SYSTEMS HEALTH CARE EDUCATION SECTOR PROGRAM BUDGETING DECENTRALIZATION JUDICIAL REFORM ACCOUNTABILITY ACCOUNTING AGRICULTURAL OUTPUT AGRICULTURE ASSETS AUCTIONS BALANCE OF PAYMENTS BANK LENDING BANK PRIVATIZATION BANKING SECTOR BANKING SECTOR REFORMS BANKS BONDS BUDGET CONSTRAINTS BUDGET DEFICITS CAPITAL FORMATION CAPITAL MARKETS CD CIVIL SERVICE CONSOLIDATION CONSUMERS CORPORATE INCOME TAX COST SAVINGS CPI CROWDING OUT DEBT DEBT SERVICE DECENTRALIZATION DEMOGRAPHIC TRANSITION DEPOSIT INSURANCE DEVOLUTION ECONOMIC ASSISTANCE ECONOMIC PERFORMANCE ELECTRICITY EXCESS DEMAND EXCHANGE RATE EXCHANGE RATES EXPENDITURES EXPORTS EXTRAORDINARY ITEMS FARMS FINANCIAL CRISIS FINANCIAL MARKETS FINANCIAL SECTOR FISCAL DEFICITS FULL EMPLOYMENT GDP GOVERNMENT GUARANTEES GROSS DOMESTIC PRODUCT GROWTH RATE HEALTH SERVICES IMPORT TARIFFS IMPORTS INCOME INCOME DISTRIBUTION INFLATION INSURANCE INTEREST RATE INTEREST RATES INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL TRADE LABOR FORCE LABOR MARKETS LEGISLATION LIVING STANDARDS MUNICIPALITIES NATIONAL BANK OF SLOVAKIA NATURAL RESOURCES NET EXPORTS OIL OPERATING LOSSES PAYMENT ARREARS PAYROLL TAXES PENSIONS PER CAPITA INCOME POLICY INSTRUMENTS PRIVATE CONSUMPTION PRIVATE SECTOR PRIVATIZATION PRODUCERS PRODUCTIVITY PROFIT MARGINS PROFITABILITY PUBLIC DEBT PUBLIC EXPENDITURE PUBLIC EXPENDITURE MANAGEMENT PUBLIC PROCUREMENT PUBLIC RESOURCES PUBLIC SECTOR PUBLIC SECTOR DEFICIT PUBLIC SERVICE PUBLIC TRANSPORT REAL GDP REDEMPTION RETIREMENT ROADS SHORT TERM BORROWING SMALL BUSINESS STATISTICAL DATA STREAMS SURCHARGES TAX INCENTIVES TAX RATES TAX REVENUES TELECOMMUNICATIONS TRANSPORT UNEMPLOYMENT URUGUAY ROUND UTILITIES VALUE ADDED WAGES WORLD TRADE ORGANIZATION Although the unsustainably high external current account, and fiscal deficits may be financed with the country's capital account surplus (twenty percent of GDP), such situation is not likely to last. The country's policy impact on the real exchange rate, undermines the employability of large segments of the population, which will ultimately hamper growth. The study proposes an agenda on key issues, such as curtailing enterprise subsidies, and other guarantee payments, redirecting, rather than expanding, existing expenditure programs to meet the eligibility criteria for structural funds financing. In addition, further increasing the retirement age, would put public pensions on a sustainable footing, and avoid the massive fiscal deficits the demographic transition is bringing, and, postponing the revenue reduction (from 38 percent of GDP in 2000 to a projected 35 percent in 2002, to a target of 33 percent of GDP in 2004) until such time as the expected cutback in expenditure has actually materialized, should be part of the development agenda. The tax burden should be balanced away from payroll taxes, e.g., streamlining Value Added Tax (VAT) refunds, or trimming tax incentives for investment to European Union-compatible levels. Moreover, the planned increases in electricity, and natural gas tariffs should be brought forward, and, the internal trade border within the Czech-Slovak customs union should be brought down ahead of EU accession. Longer term reform efforts should focus on social protection, health care, and education, based on a governance approach built on transforming budget frameworks, consolidating decentralization efforts, and launching a major judicial reform. 2013-08-23T18:25:53Z 2013-08-23T18:25:53Z 2002-11 http://documents.worldbank.org/curated/en/2002/11/2093626/slovak-republic-development-policy-review-vol-1-2-summary-report http://hdl.handle.net/10986/15322 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Europe and Central Asia Slovak Republic |