Openness of the economy vs economic growth: case of Slovakia

Valeriia Maljar and Paulina Mihaľová
Additional contact information
Valeriia Maljar: Comenius University Bratislava, Slovakia
Paulina Mihaľová: Comenius University Bratislava, Slovakia

in ABEM Conference Proceedings from Academy of Business and Emerging Markets (ABEM), Canada, currently edited by Satyendra Singh

Abstract: The Slovak Republic is a small, open country in the center of Europe. Since the 1990s, Slovakia has faced different challenges, including market structure changes, attracting foreign investors, and building international relations with European states. After 1993, when Slovakia became independent and started its path to the free market economy, the country showed rapid economic growth, with increased population income, overall employment, and gross domestic product (GDP). These changes have emerged with a drastic increase in Slovakia's international trade, as the country started to open its trade to foreign investors and international relations, especially with the European Union members. In the study, we aim to identify if the growth of the coefficient of openness of the Slovak economy led to the development of the country's economy. For the study, two variables were used: annual economic growth expressed in GDP and the coefficient of the openness of the economy (ratio of export and import on GDP). The study's results help us understand if a high level of participation in international trade (including participation in global value chains) helped Slovakia become a highly developed country and increase its economic and social growth. The Slovak Republic's development into a highly developed economy can be an exemplar for less developed economies with similar baseline conditions that can serve as a probable contribution to the study.

Keywords: Openness; economy; economic; growth; Slovakia (search for similar items in EconPapers)
Date: 2024
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.abem.ca/wp-content/uploads/2024/09/abem-2024-proceedings.pdf

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ris:abemcp:023474

Access Statistics for this book

More books in ABEM Conference Proceedings from Academy of Business and Emerging Markets (ABEM), Canada Edinburgh House, 708-99 Wellington Crescent, Winnipeg, R3M0A2, Canada.
Bibliographic data for series maintained by Satyendra Singh ().