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Tuesday, November 29, 2022

The actions of the governing coalition were correct

By: Vida Kocjan

Slovenia’s strong economic recovery in 2021 and other macroeconomic indicators confirm the predictions and expectations of Slovenian macroeconomists that our country will quickly emerge from the grip in which it found itself during the epidemic of the new coronavirus. The measures taken by the government coalition after March 2020 have been confirmed as correct.

Already at the beginning of its term, the government team decided to help the economy and the population. It passed ten anti-corona laws. It donated the money to the economy, to preserve jobs and help the socially weaker. During the severe health crisis, we also witnessed a major decline in economic activity, and economic growth was negative. As a result, revenues to the state budget were lower, so the government borrowed on international financial markets. Due to quick and timely measures, which were also perceived by foreign credit rating agencies, confidence in Slovenia was not shaken. On the contrary. Slovenia was even able to borrow at a negative interest rate on international markets, which means that it will repay less than it borrowed.

Public debt, much talked about in the opposition, was 74.9 percent last year, down nearly five percentage points from 2020.

Let’s remember. The highest was during the government of Alenka Bratušek, namely 80.3%. The share of public debt in gross domestic product is the most credible criterion for assessing the actual situation. Due to high economic growth and above-average budget revenues, the government is also reducing its general government deficit.

Not only is public debt declining as a share of GDP, but good public debt management also significantly reduces interest costs on loans. It is hundreds of millions of euros that the government can spend on other purposes. In 2022, 4.4 billion euros of investments are planned, which is 2.3 times more than in 2019, in the time before the epidemic and during the KUL government.

All this shows the great success of the work of the current government, and no one can dispute that.

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