ECONOMIC DEVELOPMENT IN THE SLOVAK REPUBLIC ACHIEVED RESULTS AND PROSPECTS FOR FUTURE DEVELOPMENT

Abstract

Slovakia's accession to the EU provided a positive impulse
for further economic development, describing the main indicators of
the business environment, including the analysis of the general
macroeconomic environment, GDP and the labor market. The Slovak
Republic focuses on current trends regarding the issue of shortages of
skilled labor and employment of foreigners. The most important tasks
that the Slovak Government must provide in Slovakia are sustainable
economic growth combined with job creation and improving business
conditions. Foreign direct investment and corporate sector are major
factors that will initiate growth of the economy and employment in
Slovakia. New investments also mean modernization of production,
new technologies, creating new jobs and progress of the economy.
This paper puts a special emphasis on the benefits of the fourth  industrial revolution, impersonated in the automation and
digitalization of processes and continuous innovations, which resulted
in the economic growth and development in Slovak Republic.