The article analyzes the importance of the capital creating process and trends in several of its structural cross-sections in Slovakia. The course of investment process in the Slovak Republic is being compared with its development in the EU-15. The investment structure in the Slovak economy is characterized by the lower share of investment into human capital (and higher investment share into capital stock) than in the EU-15. Within the structure of tangible investment in the SR in 2005 investment in the industry dominated over investment into services. In the tangible investment into manufacturing over the years 2005 and 2006 more than a half share of investment was directed into industries with high and higher medium technologies. High investment intensity of economic growth in the Slovak Republic will be retained even in the future years. It will rest on the shoulders of foreign investors.
After the unexpectedly severe recession (2009) and equally unexpected recovery (2010), the Slovak economy balanced between recovery and a second recession for two years (2011 and 2012). The Slovak economy was more resilient against “the second wave of the crisis” than previously expected. Although the euro area was in recession in 2012, the Slovak economy grew (albeit slightly). However, after the significant deceleration of economic growth in the last quarter of 2012, the expectations of a recession have returned. After approximately one and a half year of waiting, the Slovak economy will be fully confronted with the second wave of the crisis. The economy cannot resist the second wave of the recession (which has already hit the euro area) forever. Significant slowdown hits the economy at a time when the euro area economy has started to improve gradually. This could mean that the significant decline in economic growth could be coupled with a possible alleviation of the difficulties.
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