Slovakia and Global Economic Recession

Slovakia has not been suffering from the global economic downturn as severely as many other developed countries thus far.

This is partly due to bank sector restructuring which took place under the previous government.

There were some layoffs recorded last month, yet they were not on a large scale. Nevertheless, economists are warning that the real impact will hit Slovakia next year as one of its largest industries is automobile production -- and there has been a significant decline in car sales recently.