Finance Ministry has cut its forecast for this year’s economic growth to 3.7%

The Finance Ministry has cut its forecast for this year’s economic growth to 3.7% from 4.6% in June. It cut its forecast for 2022 growth to 4.2% from previous 5.0%. The third pandemic wave and material shortages will slow down the economic recovery and the Ministry even predicts the household consumption to shrink under an annual comparison towards the year’s end. Industry should remain resilient despite the chip crisis. Next year’s growth will be driven by investments funded by the EU’s Recovery and Resilience Facility, corporate investments and recovered household consumption.

(mfsr.sk)