Slovakia
Slovakia adopted the Euro currency on 1 January 2009 as the 16th member of the Eurozone. The euro in Slovakia was approved by the European commission on 7 May 2008. The Slovak koruna was revalued on 28 May 2008 to 30.126 for 1 euro, which was also the exchange rate for the euro.
Slovakia is an attractive country for foreign investors mainly because of its low wages, low tax rates and well educated labour force. In recent years, Slovakia has been pursuing a policy of encouraging foreign investment. FDI inflow grew more than 600% from 2000 and cumulatively reached an all-time high of $17.3 billion in 2006, or around $22,000 per capita by the end of 2008.
Slovakia
In 2017, Slovakia was ranked by the International Monetary Fund as the 39th richest country in the world (out of 187 countries), with purchasing power parity per capita GDP of $32,895. The country used to be dubbed the "Tatra Tiger". Slovakia successfully transformed from a centrally planned economy to a market-driven economy. Major privatisations are completed, the banking sector is almost completely in private hands, and foreign investment has risen.
The Slovak economy is one of the fastest growing economies in Europe and 3rd fastest in eurozone (2017). In 2007, 2008 and 2010 (with GDP growth of 10.5%, 6% and 4% retrospectively). In 2016, more than 86% of Slovak exports went to European Union, and more than 50% of Slovak imports came from other European Union member states.