The Prospects for Diversification of Slovak Export to Asia

Radomir Bohac
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Radomir Bohac: University of Economics in Bratislava, Faculty of International Relations, Department of International Economic Relations & Economic Diplomacy, Bratislava, Slovak Republic

International Journal of Innovation and Economic Development, 2016, vol. 2, issue 2, 15-22

Abstract: The centre of gravity of international trade has been shifting eastwards; 2 of 3 largest economies come from Asia. It witnessed 6.9% growth in 2014, much above the 2.6% on the global level. Credit goes in full to continent’s hard working population. It is presumed that 90% of the global growth within the next 10 – 15 years will be generated outside Europe; the majority of it in Asia. By 2050 a half of the global GDP will be generated there. Asia represents the global model in promoting R&D and innovations; it has become the key trading partner of the EU, with strategic partners in China, India, Japan, and South Korea. Numerous EU´s FTAs are being negotiated, hopefully eliminating remaining barriers to trade. The contribution focuses on prospects which are emanating for Slovakia and the Western liberal economic model vis-a-vis state control. It discusses the China’s economic downturn as a risk but also as a new opportunity. Slovak prosperity is vitally interlinked with the performance of export. It disproportionately depends on the EU. Out of the first eight countries within Slovakia‘s negative trade balance statistics, six come from Asia. Thus Asia should imperatively facilitate diversification of Slovak economy. The paper attempts to establish a frank and open picture of the state of the game, with the right balance between theory and authentic professional experience of the author. It assesses key Slovak strengths and weaknesses, identifies opportunities and offers a “food for thought”.

Keywords: Slovakia; Export; Asia; International Trade (search for similar items in EconPapers)
JEL-codes: M00 (search for similar items in EconPapers)
Date: 2016
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