Topic: Economics of Development
Country: Slovakia
Delegate Name: Lisa Kim
School: Grand Blanc High School
Topic page: background guide and all position papers All Slovakia position papers GLIMUN 2015 committees
Economies need to be in focused development in order to grow. This focused development results only from careful analysis of a country’s natural resources and labor force. In developing countries, like Slovakia, this means an increased focus on moving the country from a simple natural resource extraction economy to one that refines and uses those natural resources to create finished products. Regardless of whatever stage an economy is at, countries should specialize, continuously look for ways to improve, and encourage foreign investment to ensure strong and steady growth. Slovakia has built a strong industrial base, and has moved from simple subsistence to an advanced and globalized economy with greater foreign involvement. Slovakia’s primary focus on manufacturing resulted in nearly $83 billion in exports in 2014. The majority of goods exported are cars and vehicle parts, video displays, and oil. Slovakia believes that international trade is key to growing economic growth, as foreign investment in Slovakia, such as the opening of a Hyundai-Kia plant in Zilina, has resulted in greater output. In addition, we have taken advantage of the natural beauty of Slovakia’s landscape, and are set to have the tourism industry grow to 2.5% of the GDP by 2024. Whether or not a country is developed or is currently developing, strong industry and manufacturing is a necessity. Increasing economic freedom, maintaining low tax rates, and encouraging low tariffs need to be priorities in order to encourage foreign investment. Slovakia would like to see all countries focus on their strongest industries and growth in those industries as much as possible.
