Slovakia's Rising Living Standards Have Stalled, Economist Warns

Slovak households achieved historically high net incomes in 2023, but this upward trend has now ended and living standards are unlikely to improve further this year, according to Martin Šuster, a member of the Council for Budget Responsibility. The economist warned that Slovakia will either stagnate or see living standards decline due to rising taxes and social contributions that are reducing workers' take-home pay. Šuster's previous statements about Slovakia having the best living conditions in its history have been frequently cited by Prime Minister Robert Fico and other coalition politicians to defend government policies. The Council for Budget Responsibility is Slovakia's independent fiscal watchdog that monitors government spending and economic policy.