This 2009 edition of OECD's periodic review of the Slovak Republic's economy finds it facing a significant slowdown. Income levels are continuing to converge with those in the rest of the EU, but additional structural reform is required to make the economy more flexible. Special chapters on fiscal policy and housing policy are included along with suggestions for improving the pension system.
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Executive Summary Assessment and Recommendations Chapter 1. Key Challenges -The economy faces a significant slowdown -Income levels have continued to converge -But significant differences remain -Challenges of Euro Area entry -In particular for a catching-up country -Require structural reforms to make the economy more flexible -Addressing past recommendations in labour market and education policies -While focusing on the new challenges associated with Euro Area entry Chapter 2. Raising Flexibility during the Catch-Up Phase -Nominal convergence before and after Euro Area entry -Raising Wage Flexibility -Raising Flexibility in the Sheltered Sectors Chapter 3. Achieving Fiscal Flexibility and Safeguarding Sustainability -Fiscal consolidation has proceeded rapidly -Adapting the fiscal framework to life in a monetary union -Improving the pension system to ensure fiscal sustainability Chapter 4. Adjsuting Housing Policies in Light of Euro Adoption -The housing market has been booming -Watch elements in household indebtedness closely -Redesign housing taxation and subsidisation -Make construction more responsive to demand -Reduce impediments for the build-up of a private rental market Annex 4.A1. What drives house prices in the Slovak Republic?