With Low Taxes and High Productivity, Slovakia Sets Pace for Europe

The Finance Ministry of Slovakia reported this week that the nation’s economic growth will swell to nearly five percent next year as a result of increased automotive output, in one of Europe’s greatest economic success stories. A maximum personal income tax rate of just 25 percent has stimulated high domestic demand in the midst of which the Slovak auto industry has boomed. The Finance Ministry attributes next year’s projected GDP boost to this high internal demand. -- More...