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Europe > Slovenia, Republic of

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Cover IMF Working Papers
Assessing Competitiveness Using Industry Unit Labor Costs: An Application to Slovakia
International Monetary Fund
Conceptual ambiguities and statistical weaknesses hamper the assessment of external competitiveness. The term competitiveness, while applied extensively, is often imprecisely defined, which can result in analytical errors and mistaken policy advice. Furthermore, aggregate statistical measures of competitiveness in terms of exchange rate misalignment can be biased. To address these issues, this paper makes two contributions. First, it clarifies the external competitiveness concept, highlighting the dichotomy between productivity-driven long-run growth and short-run deviations from the underlying growth trajectory, which can be related to exchange rate misalignment. Second, it develops a disaggregated statistical approach for examining competitiveness based on unit labor costs at the three digit industry level in a group of comparable countries. The case of Slovakia is used to illustrate these concepts, but the analytical insights have general application.
Keywords:
WP; Slovakia; cost; export share; competitiveness; unit labor cost; exchange rate; price level; paper estimates unit labor cost norm; disaggregated ULC; ULC dev.; industry unit labor cost; ULC relative; Competition; Exchange rates; Productivity; Global competitiveness; Export performance; Global
Cover IMF Staff Country Reports
Republic of Slovenia: Staff Report for the 2001 Article IV Consultation
International Monetary Fund
The Republic of Slovenia, being the most successful transition economy in Central and Eastern Europe, has achieved significant economic convergence with the European Union, and has built up an impressive record of sustained, broad-based growth, reflecting strong competitiveness and investment. However, Executive Directors emphasized the need to maintain strong monetary and fiscal policies, and accelerate structural reforms. They commended the comprehensive action plan prepared by the authorities to strengthen prudential standards, improve liquidity management, and deepen the money market.
Keywords:
ISCR; CR; Policy implementation; government; implementation of the authorities' action plan; Slovene authorities; indexation; staff appraisal; EU harmonization; Inflation; Capital account liberalization; Competition; Privatization; Current account; Central and Eastern Europe