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Can Slovakia, Eurozone's Former Black Sheep, Maintain Its Miracle Growth?

In less than a decade, Slovakia has gone from bottom of the class to best in show, with a 2.5% growth in 2012. Will it be able to keep up the miracle, or will it turn out to be just a mirage?

Tren?ín, Slovakia (EU Social)
Tren?ín, Slovakia (EU Social)
Florence Beugé

The past ten years have been a success story for Slovakia. The country was the last to arrive in the Eurozone (in 2009), and here it is, taunting Europe. Industrial production is still growing: +2% in May, +10.8% yearly, according to figures published on July 10. In 2012, the growth rate was approximately 2.5%, far from the other, considerably feebler European economies.

Who remembers that in October last year, Bratislava rejected the European Financial Stability Facility before forcing itself to approve it, at the cost of a political crisis? In June, Slovakian parliament ratified the European Stability Mechanism, to which it will contribute 659 million euros over five years. “We’ve often been considered the black sheep of Europe! And now we are the good guys!” says Juraj Karpis, an analyst at the Institute for Economic and Social studies in Bratislava.

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Lisa Berdet, Lila Paulou, Anne-Sophie Goninet and Bertrand Hauger

👋 Sveiki!*

Welcome to Thursday, where more Ukrainian soldiers surrender in Mariupol, Sri Lanka defaults on its debt,and George W. Bush offers an epic geopolitical gaffe. Meanwhile, Lili Bai in Chinese-language digital media The Initium looks at what’s driving the current “expat exodus” at play in Shanghai.

[*Latvian]

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