Bank analysts: Slovak economy to contract by 7 percent in 2020

The Slovak economy should contract by 7 percent year-on-year in fixed prices this year, according to a macroeconomic prognosis by selected banks that was released by the Slovak central bank (NBS) on Tuesday. At the same time, even though the analysts foresee a drop in 2020, their prognosis for 2021 is optimistic, as they expect Slovakia's GDP to grow again. Meanwhile, the experts adjusted their estimate for developments in GDP in 2020 for the better in September, as in August they predicted that the contraction would be 7.6 percent. The economy should start to grow at a tempo of 5.8 percent in 2021, but this most recent estimate is actually 0.6 percentage points lower than the prognosis from August.