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Simeon Mitropolitski

Simeon Mitropolitski is a Canadian analyst, of Bulgarian origin, and a former syndicated columnist with the Bulgarian News Agency (BTA). He is the author of several hundred articles dealing with hot political and economic topics, both national and international.

He was part of the first group of Bulgarian intellectuals and students that began the opposition movement that finally put an end to the communist regime in this country in 1989, and in 1996-1997 participated in international observation teams during the elections in several Balkan countries - Romania, Albania and Bulgaria.

In 2002 Simeon and his family moved from Bulgaria to Canada where they live now in Montreal, province of Quebec. Simeon is a Master of Political Science from McGill University and a B.A. of Political Science and History.

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14 April 2008

Slovakia: Still leading the growth

© 2008, IRED.Com, Inc., Simeon Mitropolitski

Fifteen years after independence, Slovakia is a leader among the post-communist countries in terms of economic growth and direct foreign investments per capita. Unlike other Central and East European nations, the growth comes mainly from the 'real' economy; Slovakia has already attracted three among the major automobile constructors. Also unlike many other post-communist nations, already members of EU and NATO, Slovakia is almost ready to become a Eurozone member. The final decision will be taken shortly in Brussels, in May 2008; if only economic criteria are taken into account, Slovakia should get invitation to join the internal circle within the EU.

Fifteen years may be too short or too long period in the life of nations. For Slovakia, exactly fifteen years since independence, it boast remarkable legacy of achievements. In politics, after some years of ruling anti-European populism in the mid-1990s, the country made a successful transition to more open and transparent system, blessed by Brussels and welcomed by other post-communist governments in Eastern Europe. As a result, the country made it for the first wave of the EU enlargement and also became a NATO member; both events occurred in 2004. Slovakia also became 'Schengen' nation some months ago, 'Schengen' stands for a group of European countries, mainly from the EU, that apply common border controls.

In the economics, Slovakia is now the leader of the post-communist world, with annual growth of 14 pct, higher even than the three Baltic republics. She's also a leader in attracting direct foreign investments in the 'real' economy. Unlike other post-communist nations that attract mainly financial and trade capital, Slovakia has become a home for three of the major car constructors, the German Volkswagen, the French Peugeot-Citroen, and the Korean Kia. Producing more than a half a million cars, given its population of five and a half million, is certainly a fact most people, including investors, should know.

The next target for Slovakia is to become a Eurozone member, an internal circle of EU countries that use one common currency and is managed by one central bank. So far only one post-communist country, Slovenia, has managed to fulfill all economic criteria of becoming a member of this internal EU club. The serious problem with all post-communist countries is the inflation, a byproduct of lower average consumer prices compared to West Europe, higher than average economy growth and stable currency exchange rates against the Euro. In Slovakia, exceptionally, the inflation is within the Eurozone targets; therefore, if only economic criteria are to be taken into account, Bratislava should be invited shortly to join the Eurozone by 2009.

Slovakia country profile:
  • Area: 48,845 sq km
  • Population: 5.5 million (July 2007 est.).
  • Life expectancy at birth: 74.95 years.
  • Population growth rate: 0.147% (2007 est.).
  • Total fertility rate: 1.33 children born/woman (2007 est.)
  • Ethnic groups: Slovak 85.8%, Hungarian 9.7%, Roma 1.7% (2001 census).
  • Languages: Slovak (official), Hungarian
  • GDP per capita: purchasing power parity $19,800 (2007 est.).
  • Unemployment rate: 8.6% (2007 est.).
  • Main trading partners: Germany, Czech Republic, Russia, Italy, Hungary, and Austria.
  • Internet users: 2.25 million (2007 est.).
(Sources: CIA World Factbook 2008; Reuters)

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See also the directory of companies providing real estate services in, and general real estate information of Slovakia.

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