The efficiency of economy and living standard of the Slovak Republic in the context of EU in the years 2005-2010

Mikuláš Sedlák
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Mikuláš Sedlák: School of Economics and Management in Public Administration, Bratislava, Slovakia

Review of Applied Socio-Economic Research, 2011, vol. 1, issue 2, pages 8-13

Abstract: The period of the years 2005-2010 was very rich in important external and internal events which influenced the development of Slovakia. Its economy experienced a rapid boom, but also a fall caused by economic crisis n the world. It was the industry which was an engine of the economic growth but also the reason of the fall of economy. The efficiency of the Slovak economy was gradually getting close to the average GDP per capita of the EU. This process was stagnated by the crisis. Our wages and retirement benefits are markedly lower than in the EU. The income structure of inhabitants is being deformed. Formation of people as economic as well as intellectual beings is inevitable.

Keywords: economy; living standard; industry; constructing industry; economic crisis; gross domestic product; wages; pensions; income structure of inhabitants; man as a economic being; intellectual nature of a man (search for similar items in EconPapers)
Date: 2011
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