The Slovenia’s economic crisis and its turning point
The Slovenia had experience global crisis in 2008 and 2009, they have witnessed a huge down fall when it comes to the export performance and devastating decrease in economic growth. The unemployment rate increase swiftly from 4.4% to 9.6% in 2013. And with that the economic status of the working class started to deteriorate. The Slovenian’s also experience difficulty because the highly indebted and leveraged corporate sector was being caught up in an unfavourable situations in which there were diminishing credit flows. The banks access to external funding was suddenly cut. Nonperforming loans (NPLs) accumulated on bank books, credit contracted, investment also fell and the enterprises devalued. These effects led to a second recession and a sovereign debt crisis in 2012-13. And with that effects the authorities recapitalized major state-owned banks and moved some of their NPLs to a bank asset management company (BAMC). However in the midst of the Slovenia’s economic crisis they were taking measures to increase their economic loss for the past years and the authorities were also planning in such a way that they will be able to stabilize their finances and resources well.
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