AmCham Slovakia

From the societal and economic perspective, Slovakia has recorded a steady decline in all relevant global indicators and indexes over the past few years, including reports from the European Commission, OECD statistics, IMF, and the Rule of Law Index. Slovakia is currently stuck in the middle-income trap, with an inadequate economic model and weak growth that hinders its progress toward converging with at least the average level of the European Union. In light of the EU’s recent introduction of the Draghi report, aimed at enhancing competitiveness across the Union, Slovakia must prioritize the quality and availability of human capital, along with ensuring a stable and predictable business environment fostered by strong institutions, to boost its own competitiveness.

Restoring Slovakia’s position in the global economy requires a major shift in economic policy and national governance. Robust economies, strong institutions, and high levels of innovation characterize the world’s top-performing nations. Rapidly growing economies benefit from a well-educated workforce, abundant capital, and access to cutting-edge technologies. These factors lead to greater prosperity, a higher quality of life, increased happiness, and savings that can be reinvested in technological advancements.

Over time, Slovakia has proven to be an economy with a strategy focused on attracting new investments. Initially, the country's reasonable labor costs and strong productivity, followed by the introduction of a flat tax rate, sparked significant interest from foreign direct investors. State subsidies and a well-educated workforce further attracted shared service centers. However, the policies of the new Trump administration may pose additional challenges to both EU and Slovak businesses, potentially affecting overall competitiveness. The imposition of tariffs on European goods could lead to a trade war, raising costs for EU exporters and disrupting supply chains. Slovakia's competitiveness is facing increasing pressure. 

• What actions must be taken to boost Slovakia’s competitiveness?
• What measures can we propose to foster innovation?
• How can we create a more attractive business environment?
• What will be Slovakia’s next competitive advantage?

As a follow-up to the Festival of the Future and the discussions on megatrends that are already shaping our lives, we invite the members of AmCham Slovakia to join us for the 'Future Ready Slovakia: Let’s Talk About Competitiveness!' conference, where we will present data, actions, and solutions to strengthen the country we all do business in.