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Get to Know About Slovakia
Slovakia is a mountainous country in Central Europe that is landlocked by Poland in the north, Hungary in the south, by Austria and the Czech Republic in the west, and Ukraine in the east. The country’s capital is Bratislava, which is the largest city. It was formerly part of Czechoslovakia from 1969 up to 1990. It was in 1993 when Slovakia or the Slovak Republic became an independent sovereign state. Doing business in Slovakia is excellent as the country has a good strategic location.
After Slovakia became an independent country, some changes are going on. Their used-to-be centrally planned economy is now a free-market economy. This decision gave Slovakia the investment climate they need to make progress. Some of Slovakia’s strengths include being a member of NATO, the OECD, the EU, and the CEFTA. Other than that, Slovakia also has developed telecommunications, infrastructure, a skilled and flexible workforce, low labor costs, and stable macroeconomic policies.
Just like any other countries, Slovakia is also facing some challenges. First on the list is its fiscal framework. The country should monitor its spending and put an appropriate ceiling on it. Secondly, the educational outputs of Slovakia should be improved. Its networks of schools should be promoted. The salary of teachers in Slovakia is also a problem. Lastly, unemployment should be given attention. Training and livelihood programs are key solutions.