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Slovakia: in the zone

Wednesday, January 07, 2009

As the 16th country to adopt the Euro, Slovakia is hoping that becoming part of the Eurozone will help bring economic stability during the global economic crisis...

Compared to the 11 members who adopted the Euro exactly a decade ago, today, over 50 per cent of European Union citizens, a population of some 328 million people now use the Euro.

Slovenia and Cyprus are the most recent countries to have benefited from Euro adoption. The recent strength of the Euro against the pound sterling has evoked mixed reaction within the Eurozone with countries such as Spain, Greece, Italy and Portugal worried about the likely impact of Euro pound parity on tourism revenues in 2009.

On the other hand Euro founder members such as France are enjoying the transcontinental shopping bargains to be had from lower consumer goods prices in the UK.

"Slovakia is viewing its adoption of the Euro a positive move as despite likely increases in the prices of consumer goods and services, its economy is set to benefit from the multinational companies enjoying decreased currency volatility brought about by conducting business in Euros,"said Chintan Mahida, Global Property Analyst at Nubricks.com.

The Slovensko Republic has been a favoured investment destination of choice by a number of global companies with Dell, Peugeot Citroen, Samsung and Sony for their European manufacturing bases.

The belief is that the Euro will bring much needed raw material and labour cost savings at a time when manufacturing output is on a downward trend and the Slovak crown was gaining in value.

The smooth running nature of doing business in a Euro denominated environment should brings further dividends with greater investment into an already prospering country. Slovakia's GDP will grow by only four to five per cent in 2009 set to be the most rapid growth in the EU but had the crisis had not occurred, Slovak economic analyst Pavol Karasz believes Slovakia's economic growth would have exceeded six pe rcent in 2009.

Slovakia remains a strong Eastern European investment prospect in 2009 underpinned by an economy which continues to grow and many believe that the Euro will further prosperity to the Slovenska Republic.

Source: www.nubricks.com

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