COUNTRY PROFILE Slovak Republic
IMD WORLD COMPETITIVENESS RANKING 2018 All data are available from the World Competitiveness Online. Visit our eshop 1
COMPETITIVENESS TRENDS - OVERALL SLOVAK REPUBLIC OVERALL PERFORMANCE (63 countries) 45 46 40 CHALLENGES IN 2018 Lack Lack of qualified of qualified workers workers available available for for companies. companies. Challenge posed by the oncoming digitalisation for the industries in Slovakia. Administrative burden for businesses. Costly employment procedures, when hiring and firing employees. Lacking reforms in education and public services. Provided The F.A. Hayek by: Foundation, Bratislava The F.A. Hayek Foundation, Bratislava 51 55 BASIC FACTS Rank Capital Land area (square km '000) Bratislava 49 2017 Exchange Rate (per $) 0.887 2017 Population - market size (millions) 5.43 2017 50 Gross Domestic Product (GDP) (US$ billions) 93.0 2017 51 GDP (PPP) per capita (US$) 33,026 2017 33 Real GDP growth (%) 3.3 2017 25 Consumer price inflation (%) 1.31 2017 18 Unemployment rate (%) 8.10 2017 46 Labor force (millions) 2.76 2017 49 Current account balance (% of GDP) -1.10 2017 42 Direct investment stocks inward ($bn) 41.6 2016 52 Direct investment flows inward (% of GDP) 6.37 2017 8 COMPETITIVENESS LANDSCAPE Economic Performance Government Efficiency Business Efficiency Infrastructure Domestic Economy International Trade International Investment Employment Prices Public Finance Tax Policy Institutional Framework Business Legislation Societal Framework Productivity & Efficiency Labor Market Finance Management Practices Attitudes and Values Basic Infrastructure Technological Infrastructure Scientific Infrastructure Health and Environment Education 13 57 25 35 56 53 58 44 33 62 62 45 43 54 39 PEER GROUPS RANKINGS EUROPE - MIDDLE EAST - AFRICA (40 countries) POPULATIONS < 20 MILLION (34 countries) 28 29 27 34 37 25 25 24 29 31 2
COMPETITIVENESS TRENDS - FACTOR BREAKDOWN SLOVAK REPUBLIC ECONOMIC PERFORMANCE 55 54 44 52 46 Sub-Factor Rankings : 2017 Domestic Economy 51 International Trade 27 International Investment 55 Employment 49 Prices 18 2018 57 25 35 13 GOVERNMENT EFFICIENCY 45 48 42 55 55 Sub-Factor Rankings : 2017 Public Finance 41 Tax Policy 53 Institutional Framework 49 Business Legislation 60 Societal Framework 41 2018 56 53 58 44 BUSINESS EFFICIENCY 44 45 38 54 60 Sub-Factor Rankings : 2017 Productivity & Efficiency 44 Labor Market 54 Finance 51 Management Practices 55 Attitudes and Values 57 2018 33 62 62 INFRASTRUCTURE 40 40 40 42 45 Sub-Factor Rankings : 2017 Basic Infrastructure 37 Technological Infrastructure Scientific Infrastructure Health and Environment 34 Education 41 2018 45 43 54 39 3
IMD WORLD COMPETITIVENESS DIGITAL RANKING 2018 All data are available from the World Competitiveness Online. Visit our eshop 4
DIGITAL TRENDS - OVERALL SLOVAK REPUBLIC OVERALL PERFORMANCE (63 countries) Overall Alpha Alpha Factors Beta BetaLabel Gamma GammaLab Sub-Factors 1 2 2 2 2 2 2 4 4 4 2 2 6.5 4 4 2 2 8.5 4 4 2 2 10.5 4 4 2 2 49 56 42 Knowledge Talent Training & education Scientific concentration 50 60 46 34 Technology Regulatory framework Capital Technological framework 53 51 58 45 The direction of the triangle indicates the performance change from the last year: improved or stable declined Future readiness Adaptive attitudes Business agility IT integration OVERALL & FACTORS - 5 years OVERALL Knowledge Technology Future readiness 40 43 41 43 50 40 43 41 43 49 35 40 41 43 43 44 43 46 53 COMPETITIVENESS & DIGITAL RANKINGS Digital Competitiveness N.B. This graph provides only a comparison of the country s performance in the two rankings. 40 40 43 41 43 45 46 50 51 55 PEER GROUPS RANKINGS EUROPE - MIDDLE EAST - AFRICA (40 countries) POPULATIONS < 20 MILLION (34 countries) 28 30 28 30 36 27 27 25 26 31 5
u Overall top strengths w Overall top weaknesses FACTORS BREAKDOWN - STRENGHTS AND WEAKNESSES SLOVAK REPUBLIC KNOWLEDGE Subfactors Talent 45 50 48 50 56 Training & education 38 40 35 40 Scientific concentration 46 45 44 39 42 Talent Rank Rank Rank Training & education Scientific concentration Educational assessment PISA - Math 35 Employee training 50 Total expenditure on R&D (%) 44 International experience 57 Total public expenditure on education 37 Total R&D personnel per capita 34 w Foreign highly-skilled personnel 61 Higher education achievement 40 u Female researchers 18 Management of cities 51 Pupil-teacher ratio (tertiary education) 34 R&D productivity by publication 37 Digital/Technological skills 28 Graduates in Sciences 38 Scientific and technical employment 37 Net flow of international students 56 Women with degrees 40 High-tech patent grants 28 TECHNOLOGY Subfactors Regulatory framework 44 52 52 55 60 Capital 38 41 34 39 46 Technological framework 31 33 33 38 34 Regulatory framework Rank Capital Rank Technological framework Rank Starting a business 41 IT & media stock market capitalization - Communications technology 40 Enforcing contracts 45 w Funding for technological development 61 Mobile Broadband subscribers 44 Immigration laws 56 Banking and financial services 50 u Wireless broadband 25 w Development and app. of technology 62 u Investment risk 26 Internet users 27 w Scientific research legislation 62 Venture capital 50 Internet bandwidth speed 32 Intellectual property rights 60 u Investment in Telecommunications 21 High-tech exports (%) 38 FUTURE READINESS Subfactors Adaptive attitudes 39 39 52 51 Business agility 46 56 53 52 58 IT integration 37 38 34 37 45 Adaptive attitudes Rank Business agility Rank IT integration Rank E-Participation 54 Opportunities and threats 57 E-Government 50 Internet retailing 27 Innovative firms 42 Public-private partnerships 55 Tablet possession 41 Agility of companies 50 Cyber security 58 Smartphone possession 36 Use of big data and analytics 44 u Sofware piracy 25 Attitudes toward globalization 60 w Knowledge transfer 62 6
IMD WORLD TALENT RANKING 2018 All data are available from the World Competitiveness Online. Visit our eshop 7
IMD World Talent Ranking 2018 SLOVAK REPUBLIC OVERALL PERFORMANCE (63 countries) The direction of the triangle Alpha indicates AlphaLabel the Beta BetaLabel Gamma GammaLabel performance change from the last year: 1 2 2 2 2 2 2 improved or stable declined 4 4 4 2 2 Investment & Development 56 Appeal Overall Investment & Development Appeal Readiness 41 41 43 44 45 45 52 37 39 49 43 46 49 50 60 Readiness 56 60 Investment & Development Total public expenditure on education Percentage of GDP 4.2 % 35 Gov. expenditure on education per student Percentage of GDP per capita (secondary education) 19.1 % 37 Pupil-teacher ratio (primary education) Ratio of students to teaching staff 17.16 ratio 45 u Pupil-teacher ratio (secondary education) Ratio of students to teaching staff 12.41 ratio 32 w Apprenticeships are sufficiently implemented 2.54 Survey [0..10] 62 Employee training is a high priority in companies 5.05 Survey [0..10] 50 u Female labor force Percentage of total labor force 45.23 % 37 Health infrastructure meets the needs of society 2.32 Survey [0..10] 57 Value 2018 Rank Appeal u Cost-of-living index Index of a basket of goods & services in the main city, including housing (New York City = 100) 63.80 index 16 w Attracting and retaining talents is a priority in companies 4.85 Survey [0..10] 62 Worker motivation in companies is high 4.22 Survey [0..10] 58 w Brain drain (well-educated and skilled people) does not hinder competitiveness in your economy 1.66 Survey [0..10] 62 Quality of life is high 4.56 Survey [0..10] 53 Foreign highly-skilled personnel are attracted to your country's business environment 2.32 Survey [0..10] 61 Remuneration in services professions Gross annual income including supplements such as bonuses, US$ 21,256 US$ 32 Remuneration of management Total base salary plus bonuses and long-term incentives, US$ 158,008 US$ 32 Effective personal income tax rate Percentage of an income equal to GDP per capita 18.11 % 31 Personal security and private property rights are adequately protected 2.73 Survey [0..10] 61 Value 2018 Rank Readiness Labor force growth Percentage change -0.07 % 48 w Skilled labor is readily available 3.05 Survey [0..10] 62 Finance skills are readily available 4.81 Survey [0..10] 57 International experience of senior managers is generally significant 4.00 Survey [0..10] 57 w Competent senior managers are readily available 3.17 Survey [0..10] 62 Educational system The educational system meets the needs of a competitive economy 2.63 Survey [0..10] 60 Science in schools is sufficiently emphasized 3.17 Survey [0..10] 55 University education meets the needs of a competitive economy 2.76 Survey [0..10] 61 Management education meets the needs of the business community 3.68 Survey [0..10] 60 Language skills are meeting the needs of enterprises 4.34 Survey [0..10] 51 Student mobility inbound Foreign tertiary-level students per 1000 inhabitants 2.01 number 33 Educational assessment - PISA PISA survey of 15-year olds 468 Average 38 Value 2018 Rank 8
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