高效公共支出：财政可持续性之路

Efficient Public Spending:Pathways for FiscalSustainability Leonardo Indraccolo and Yen Mooi SIP/2026/28 IMF Selected Issues Papers are prepared by IMF staff asbackground documentation for periodic consultations withmember countries.It is based on the information available atthe time it was completed onMarch 3,2026. This paper isalso published separately as IMF Country Report No 26/66 2026APR IMF Selected Issues PaperEuropean Department Efficient Public Spending: Pathways for Fiscal Sustainability, Slovak RepublicPrepared byLeonardo Indraccolo and Yen Mooi Authorized for distribution by Magnus SaxegaardApril2026 IMF Selected Issues Papersare prepared by IMF staff as background documentation for periodicconsultations with member countries.It is based on the information available at the time it wascompleted onMarch 3, 2026. This paper is also published separately as IMF Country Report No 26/66. ABSTRACT:Slovakia’s fiscal position has weakened considerably over the past 15 years, with public debt andexpenditure rising faster than in peer countries. Given limited scope for additional revenue-based consolidation,policy efforts will increasingly need to focus on the expenditure side. This paper benchmarks the level,efficiency and allocation of public spending in Slovakia relative to peer countries to identify reform areas thatcan generate savings and strengthen the country’s fiscal position. Most of Slovakia’s recent increase in publicexpenditure is mainly due to rising spending on social protection, driven by intensifying demographic pressuresas well as generous pension and family benefits. At the same time, spending efficiency gaps relative tointernational benchmarks span multiple government functions. Policy measures aimed at (i) increasing theefficiency of public service delivery, (ii) ensuring that social transfers are specifically targeted at the mostvulnerable and (iii) reallocating resources toward more growth-enhancing areas have the potential to improvethe fiscal outlook and safeguard long-term debt sustainability. RECOMMENDED CITATION:Indraccolo, Leonardo and Mooi, Yen, “Efficient Public Spending: Pathways forFiscal Sustainability”, IMF Selected Issues Paper 26/28 SELECTED ISSUESPAPERS Efficient Public Spending:Pathways for Fiscal Sustainability Slovak Republic Leonardo Indraccolo and Yen Mooi1 SLOVAK REPUBLIC SELECTED ISSUES Prepared ByLeonardo Indraccolo(EUR)and Yen Mooi(EUR) ApprovedByEuropean Department CONTENTS EFFICIENT PUBLIC SPENDING: PATHWAYS FOR FISCAL SUSTAINABILITY _________2 A. Introduction: Enhancing Spending Efficiency Amid Fiscal Pressures___________________2B. Unpacking Public Expenditure: The Role of Social Protection Spending_______________4C. Spending Efficiency Gaps _____________________________________________________________8D. Pro-Growth Public Spending________________________________________________________10E. Conclusions and Policy Recommendations__________________________________________ 14 BOX 1. Recent Reforms to the Pension System and Family Benefits __________________________7 FIGURES 1. Slovakia’s Deteriorating Fiscal Position ________________________________________________32. Labor and Capital Income Taxes ______________________________________________________33. Evolution of Public Expenditure _______________________________________________________44. Composition of Social Protection Spending ___________________________________________65. Spending Efficiency in Slovakia and Visegrád Countries Over Time ___________________96. Allocation of Public Spending _______________________________________________________127. Public Wage and Employment Dynamics____________________________________________ 13 References_____________________________________________________________________________17 EFFICIENT PUBLIC SPENDING: PATHWAYS FOR FISCALSUSTAINABILITY1 Slovakia’s fiscal position has weakened considerably over the past 15 years, with public debt andexpenditure rising faster than in peer countries. Given limited scope for additional revenue-basedconsolidation, policy efforts will increasingly need to focus on the expenditure side. This paperbenchmarks the level, efficiency and allocation of public spending in Slovakia relative to peer countriesto identify reform areas that can generate savings and strengthen the country’s fiscal position. Most ofSlovakia’s recent increase in public expenditure is mainly due to rising spending on social protection,driven by intensifying demographic pressures as well as generous pension and family benefits. At thesame time, spending efficiency gaps relative to international benchmarksspan multiple governmentfunctions. Policy measures aimed at (i) increasing the efficiency of public service delivery, (ii) ensuringthat social transfers are specifically targeted at the most vulnerable and (iii) reallocating resourcestoward more growth-enhancing areas have the potential to improve the fiscal outlook and safeguardlong-term