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torek, 7 decembra, 2021

Eurostat: Slovenia is more successful than most other European countries in the fall of GDB as well as maintaining jobs

According to Eurostat statistics, compared to other European countries, Slovenia is currently showing much better results in the category of job retention, despite constant attempts by the opposition to discredit the activities of the Janez Janša government. Both GDP and employment fell less than the EU and euro-area averages as a consequence of the crisis, indicating that the government responded in a timely and decisive manner to the crisis. In the last crisis 12 years ago, we were among the most affected countries, this time we are among those less affected.

Although the opposition, with the help of a monopoly over the Slovenian media market, constantly tries to give the impression that the Slovenian government is doing something worse or more authoritarian than other European countries, we are getting information day by day that the opposite is true.

According to the official statistical office of the EU, Eurostat, Slovenia, compared to other European countries, including “core” countries, is currently doing much better, especially in the category of job retention. The Prime Minister, Janez Janša, also responded to this with justifiably pride.

The effects of the pandemic on labour (Source: Eurostat)

Although statistics vary from country to country, on average, low-paid jobs, student work and work in general that do not require complex skills appear to be most at risk:

Effects on earnings-based work (Source: Eurostat)

These statistics are extremely important for all governments, as they can be used to develop measures to reduce the impact of the pandemic on labour, earnings, poverty, and income inequality. Looking through the prism of income inequality and poverty, the average results in the EU are worrying, as they suggest that, as a result of the pandemic, the conditions of those who were previously “lagging behind” will deteriorate. This is the train on which all the countries of the world found themselves, and among the EU members, Slovenia is currently one of the countries where the effects are least known.

Timely and decisive response to the crisis

We also asked Matej Lahovnik, a Slovenian economist, former minister, and head of the advisory group of experts for mitigating economic consequences, to comment on Eurostat statistics. He told us that in Slovenia, on average, both GDP and employment fell less due to the crisis than in the EU and the euro-area, which shows that the government reacted to the crisis in a timely and decisive manner. In the last crisis 12 years ago, we were among the most affected countries, this time we are among those less affected.

Matej Lahovnik. (Foto: STA)

He added that due to timely anti-crisis measures, the Moody rating agency even raised its credit rating during this severe crisis, and Slovenia managed to issue and sell a 30-year bond at less than 0.5% interest rate. Demand for our bond has exceeded supply eight times, which means that capital markets also assess the government’s economic policy as credible.

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