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International Presence and Activities

FISCALLY, SLOVAKIA IS IN A GOOD SHAPE... Slovakia meets Maastricht criteria: → 2019 deficit 1.3% and debt of 48% of GDP → COVID-19 clearly hit fiscal plans big, but less than feared early in the crisis (deficit rose to 7% of GDP an debt slightly over 61%, resp.) In 2011, Slovakia adopted a constitutional law preventing debt to breach 60% (by 2027 only 50%) of GDP and established an independent fiscal watchdog. COVID-19 pandemic is seen to derail these plans only temporarily Public finance balance (% GDP) 200% 180% 160% 140% 120% 100% 80% 60% 40% 20% 0% Public debt in comparison (% GDP, as of 3Q 2020) Estonia Bulgaria Luxembourg Czechia Sweden Norway Denmark Romania Latvia Lithuania Malta Netherlands 60.8% 97.3% Poland Slovakia Ireland Finland Germany Hungary Slovenia Austria Croatia Belgium Euro area Public debt development (% GDP) Spain 1% 0% -1% -2% -3% -2.9% -4% -3.6% -5% -6% -7% -8% -9% 2005 2006 2007 Source: Eurostat, European Commission -2.1% 2.5% 2008 2009 2010 France Cyprus Portugal Italy 65% 61.3% 60% -0.9% 1.0% 55% -1.4% 50% -2.6% -2.9% -3.1% -4.3%-4.4% -7.5% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020E -2.7% 45% 41.0% 40% 34.7% 36.4% 35% 31.4% 30.3% 30% 28.6% -7.0% 25% 20% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 51.8% 54.7%53.6% ---51.9% 52.4% 51.7% 49.9% 48.5% 43.4% 2018 2019 0° 2020E Greece

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