Tatra Tiger
Encyclopedia
"Tatra Tiger" is a nickname
that refers to the economy of Slovakia
in period 2002 - 2007 and after 2010 following the ascendance of a right-wing coalition
in September 2002 which engaged in a program of liberal economic
reforms. The name "Tatra Tiger" derives from the local Tatra mountain range
.
In 2004 and 2005, Slovakia
had one of the highest gross domestic product
growth rates in the European Union
after some of the Baltic countries
, reaching 6%. In 2006, the year-over-year growth amounted to an unexpected 9.8% in the 3rd quarter, which helped to increase the overall annual economy growth expectation for 2006 from 6%-6.5% to 8.2%. This 9.8% growth (a low estimate) can be partly ascribed to the launch of production at a new Peugeot SA
plant. The growth came as a surprise to local analysts, given that another big foreign investor, Kia
, launched its production in late 2006. In 4Q of 2007 the growth was 14.3%.
However, public polling shows that despite the resultant high growth rates, the public does not universally approve of the reforms, because they are associated with a drastic loss of the (previously high) government programs (reform of the previously government-run health system, complete reform of the pension system, etc.), the replacement of progressive taxation with a flat tax
, rapid changes of laws and other legal regulations, and rising property prices. Moreover, unemployment jumped to very high levels immediately after the reforms began in 1998, although it decreased back to its 1998 level in 2006 and even below later on.
In the first quarter of 2009 the fall of GDP was -5.7% but in the 2010 the GDP growth was a 4.8% for a first quarter.
These days Slovakia GDP still grows faster than the EU average, in period 2005-2010 the Slovakia GDP growth increased about 34% which is the highest growth between all EU countries.
Nickname
A nickname is "a usually familiar or humorous but sometimes pointed or cruel name given to a person or place, as a supposedly appropriate replacement for or addition to the proper name.", or a name similar in origin and pronunciation from the original name....
that refers to the economy of Slovakia
Economy of Slovakia
Slovakias economy increasingly resembles that of a so-called developed country. With the highest sustained GDP growth in the European Union, reporting 10.4% in 2007 and the highest rating from V4 countries, the Slovak economy has been considered a tiger economy known as the Tatra Tiger. Slovakia...
in period 2002 - 2007 and after 2010 following the ascendance of a right-wing coalition
Coalition government
A coalition government is a cabinet of a parliamentary government in which several political parties cooperate. The usual reason given for this arrangement is that no party on its own can achieve a majority in the parliament...
in September 2002 which engaged in a program of liberal economic
Economic liberalism
Economic liberalism is the ideological belief in giving all people economic freedom, and as such granting people with more basis to control their own lives and make their own mistakes. It is an economic philosophy that supports and promotes individual liberty and choice in economic matters and...
reforms. The name "Tatra Tiger" derives from the local Tatra mountain range
Tatra Mountains
The Tatra Mountains, Tatras or Tatra , are a mountain range which forms a natural border between Slovakia and Poland, and are the highest mountain range in the Carpathian Mountains...
.
In 2004 and 2005, Slovakia
Slovakia
The Slovak Republic is a landlocked state in Central Europe. It has a population of over five million and an area of about . Slovakia is bordered by the Czech Republic and Austria to the west, Poland to the north, Ukraine to the east and Hungary to the south...
had one of the highest gross domestic product
Gross domestic product
Gross domestic product refers to the market value of all final goods and services produced within a country in a given period. GDP per capita is often considered an indicator of a country's standard of living....
growth rates in the European Union
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
after some of the Baltic countries
Baltic countries
The term Baltic states refers to the Baltic territories which gained independence from the Russian Empire in the wake of World War I: primarily the contiguous trio of Estonia, Latvia, Lithuania ; Finland also fell within the scope of the term after initially gaining independence in the 1920s.The...
, reaching 6%. In 2006, the year-over-year growth amounted to an unexpected 9.8% in the 3rd quarter, which helped to increase the overall annual economy growth expectation for 2006 from 6%-6.5% to 8.2%. This 9.8% growth (a low estimate) can be partly ascribed to the launch of production at a new Peugeot SA
PSA Peugeot Citroën
PSA Peugeot Citroën is a French manufacturer of automobiles and motorcycles sold under the Peugeot and Citroën marques. Headquartered in the 16th arrondissement of Paris, PSA is the second largest automaker based in Europe and the number eight in the world.-History:In December 1974 Peugeot S.A....
plant. The growth came as a surprise to local analysts, given that another big foreign investor, Kia
Kia Motors
Kia Motors , headquartered in Seoul, is South Korea's second-largest automobile manufacturer, following the Hyundai Motor Company, with sales of over 1.4 million vehicles in 2010...
, launched its production in late 2006. In 4Q of 2007 the growth was 14.3%.
Flat tax
A flat tax is a tax system with a constant marginal tax rate. Typically the term flat tax is applied in the context of an individual or corporate income that will be taxed at one marginal rate...
, rapid changes of laws and other legal regulations, and rising property prices. Moreover, unemployment jumped to very high levels immediately after the reforms began in 1998, although it decreased back to its 1998 level in 2006 and even below later on.
In the first quarter of 2009 the fall of GDP was -5.7% but in the 2010 the GDP growth was a 4.8% for a first quarter.
These days Slovakia GDP still grows faster than the EU average, in period 2005-2010 the Slovakia GDP growth increased about 34% which is the highest growth between all EU countries.
See also
- Four Asian Tigers: the original economic "tigers"—Hong KongHong KongHong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
, SingaporeSingaporeSingapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
, South KoreaSouth KoreaThe Republic of Korea , , is a sovereign state in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by the People's Republic of China to the west, Japan to the east, North Korea to the north, and the East China Sea and Republic of China to the south...
, and TaiwanTaiwanTaiwan , also known, especially in the past, as Formosa , is the largest island of the same-named island group of East Asia in the western Pacific Ocean and located off the southeastern coast of mainland China. The island forms over 99% of the current territory of the Republic of China following...
—that experienced a period of high growth and industrialization between the 1960s and 1990s. - Celtic TigerCeltic TigerCeltic Tiger is a term used to describe the economy of Ireland during a period of rapid economic growth between 1995 and 2007. The expansion underwent a dramatic reversal from 2008, with GDP contracting by 14% and unemployment levels rising to 14% by 2010...
: IrelandIrelandIreland is an island to the northwest of continental Europe. It is the third-largest island in Europe and the twentieth-largest island on Earth...
's nickname during its period of rapid growth between the 1990s and 2007. - Baltic TigerBaltic TigerBaltic Tiger is a term used to refer to any of the three Baltic states of Estonia, Latvia, and Lithuania during their periods of economic boom, which started after the year 2000 and continued until 2006–2007...
: a reference to the rapid economic growth of the Baltic statesBaltic statesThe term Baltic states refers to the Baltic territories which gained independence from the Russian Empire in the wake of World War I: primarily the contiguous trio of Estonia, Latvia, Lithuania ; Finland also fell within the scope of the term after initially gaining independence in the 1920s.The...
in the 2000s. - Gulf TigerGulf TigerThe Gulf Tiger or Arab Gulf Tiger is a nickname used to describe the period of rapid economic growth in the city of Dubai. The boom that Dubai has been experiencing since the 1990s is still going on, transforming the city from a desert village to a world class economic hub.- Characteristics :The...
: A nickname for the economic boom that DubaiDubaiDubai is a city and emirate in the United Arab Emirates . The emirate is located south of the Persian Gulf on the Arabian Peninsula and has the largest population with the second-largest land territory by area of all the emirates, after Abu Dhabi...
has been experiencing since the 1990s. - Balkan Tigers: A nickname applied to various BalkansBalkansThe Balkans is a geopolitical and cultural region of southeastern Europe...
countries. - Nordic Tiger: IcelandIcelandIceland , described as the Republic of Iceland, is a Nordic and European island country in the North Atlantic Ocean, on the Mid-Atlantic Ridge. Iceland also refers to the main island of the country, which contains almost all the population and almost all the land area. The country has a population...
's nickname during its period of rapid growth between the 1990s and 2008.