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Monday, August 15, 2022

Economic mood is decreasing, drunk with victory on the road to trouble

By: Vida Kocjan

The economic mood in the country is deteriorating, both on a monthly and annual basis in June. Confidence is lower in all economic sectors.

In June, as shown by the data of the Statistical Office of the Republic of Slovenia, the indicator of confidence in manufacturing activities had the greatest influence on the deterioration of mood. Mood is also falling among consumers, in service activities, in construction, and in retail trade.

Compared to June 2021, this year’s value of the economic climate indicator was lower by as much as 7.1 percentage points.

The data are worrying and show the seriousness of the situation in the country. With rising prices, costliness, and consequent inflation, we can very quickly go from a good economic situation and economic growth to big problems.

This is also why the new government should react very quickly and act effectively. But that is far from the case. The elections were held on April 24th, the government was constituted and confirmed in record time (June 1st), and since then everything has stood still.

Prime Minister Robert Golob promised that they would start work on the second day after the elections. His words, however, are of little value. Now he says they still have plenty of time. However, the indicators show that this is not the case. Instead of arranging things and taking measures, they mainly carry out personnel tsunamis and revanchism. They are more drunk with victory than the government in the fall of 2008, which celebrated for half a year, and Slovenia unnecessarily got into a big economic crisis, which cost us dearly.

This time everything seems to be even worse. The difference between the work of Golob’s government and the government of Janez Janša in the period 2020 to 2022 is also enormous. Janša’s government took office on the day the novel coronavirus epidemic was declared and took office the same night. Hard work was followed by success. We are now on the way to spiralling inflation, layoffs, in short, crisis at all levels.

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