IMF has Ranked Slovenia Among Advanced Economies for the First Time Ever

The International Monetary Fund (IMF) has ranked Slovenia among advanced economies in its world economic outlook in what is the first time ever.

The document, released by IMF forecasts that Slovenia's economic growth will slow down to 4.5% in 2007 and 4% in 2008, from 5.2% in 2006.

The IMF also projects that the country's unemployment rate will stay level at 6.4% both in 2007 and 2008. Likewise, inflation is to stay put at 2.7% this year and edge down to 2.4% in 2008.

The IMF delegation then urged the country to undertake substantive reforms of the pension system in order to ensure its sustainability.

It also highlighted the need for Slovenia to maintain prudent fiscal and wage policies, and increase economic flexibility and productivity so that the economy can continue to grow without building up inflationary pressures.

The IMF world economic outlook forecasts that the global economy will expand by 4.9% in 2007, a slow down compared to 5.4% in 2006. The euro zone is to post 2.3% growth this year.

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