Bratislava still chooses Robert Fico. The early elections held in Slovakia on 10 March in fact decreed for the second time (the first was in 2006) the victory of Robert Fico, leader of the local social-democratic party "Smer" (meaning "direction"). But if on the occasion of the first presidential term the centre-left political formation had not obtained an absolute majority of seats, having to form a shaky coalition in which a party with xenophobic tendencies weighed, this time the Smer can count on a victory much more wide: 83 seats out of the 150 available in Parliament were won. The new executive therefore has the numbers to be able to govern with a free hand and implement policies that are able to keep the Slovak economy on track.
Pointed out as a model example of growth and development after the fall of the Berlin Wall and the split from the "sister" Czech Republic, Bratislava has experienced a real economic take-off (European Union state to grow the most between 2001 and 2010), facilitated by entry into the European Union (which actually worked for some years in favoring the realization of a deeper integration) and the massive influx of foreign investment facilitated by business-friendly taxation. A “small Poland”, therefore, which has become a sort of Privileged "hub" by companies in Western European countries for the relocation of their production activities.
In Bratislava, the economy continues to grow, despite the recession that is affecting much of the European Union. However, after a satisfactory GDP increase of around 3% in 2011, this year, the most recent estimates predict a significant slowdown in growth, which should not exceed 1,5%. A figure which, for a country whose economic system cannot yet be considered fully mature and developed, is equivalent to stagnation. After all, if entry into the Euro (unlike the Czech Republic, which for the moment continues to hold onto the Crown) in 2009 served to contain inflation (which has remained low in recent years at a level of 1% , but up in 2011 up to 4%), on the other hand it does not allow Slovakia to use the gear lever to play the competitiveness card. Which in any case remains high, given that work is efficient (productivity is the highest, at purchasing power parity, among Eastern European countries) and is cheap, taxation is relatively low and corruption is moderate (in 66th place in the world according to the indicators of Transparency International, in line with the other Eastern European countries and clearly above Italy).
The crisis, however, is also being felt along the Danube. GDP growth will undergo a marked slowdown, while unemployment is growing and has reached its highest levels for several years, rising to 13,7%. And so Robert Fico's new government will have to intervene also weakening those strengths that had made it possible to attract massive flows of investment: that is, raising taxes. The single rate of 19%, which saw unified natural persons and companies, should be corrected upwards, penalizing the business sector to a lesser extent than citizens' incomes (22 or 23% against 26%, according to the proposals on the plate). Furthermore, the new EU rules of the so-called "fiscal compact" will require Slovakia to reduce its deficit/GDP ratio to 5% in 2011, resulting in cuts and savings of 1,85 billion euro.
The country has decided to open up decisively to foreign transactions e today it can boast a positive balance of its trade balance. As for trade, Italy is Slovakia's ninth supplier, with a growth in demand for imports in the first half of 2011 of 24%, according to ICE data. The most exported goods are by far machinery and vehicles, given that many automotive companies have relocated their production plants here. As far as foreign direct investment (FDI) is concerned, our country is in fourth place for the stock of capital flowing into Slovakia since its independence (2,99 billion euros from 1993 to 2010, although the trend of recent years shows a decrease in FDI flows arriving from Italy). Among the companies that have the greatest interests in Bratislava, the names of the large Italian multinationals are missing, apart from Enel, but there are nevertheless large groups in the engineering and energy sectors. It is definitely important the presence in the financial sector of UniCredit, which constitutes the fifth banking group in the country with 85 branches and assets of over four billion euros.
In short, Slovakia also represents an interesting destination among the eastern countries of the EU. Although its domestic market is small and this feature makes it less attractive than Poland for companies that intend to internationalize especially in terms of opening new markets, several favorable characteristics make it a country open to foreign capital. The uncertainties related to the increase in taxation and the need to adjust public finances to the standards imposed by Brussels could curb the arrival of foreign capital, which in recent years has represented the true "fuel" of Slovakian development. It will be up to Robert Fico's new government to convince foreign investors that it is still worthwhile to come and bet on the banks of the Danube.
