Recently published research from Business Monitor International, "Slovenia Defence & Security Report 2013", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 12/28/2012 -- Following a year-on-year (y-o-y) increase of 8.82% in 2011, Slovenia's defence expenditure declined by 5.89% to US$756.56mn in 2012 as the country's government continued to rein in spending to appease its economic recession. However, BMI expects Slovenia's defence budget should rise marginally to US$757.78mn in 2013 and grow steadily from there to US$1.19bn by the end of our forecast period in 2021. The country joined NATO in 2004 and was given until 2014 to have its defence spending account for at least 2% of GDP. This deadline now appears likely to be missed: its defence budget as a percentage of GDP was 1.62% in 2012 and is only expected to grow to 1.64% by 2013 and 1.67% by 2014. Slovenia joined the EU in 2004 but only entered the eurozone in 2007, It has since has suffered as a result of its unfortunate timing, the global economic crisis beginning in September the following year. Previously one of the wealthiest of the former Yugoslav republics, shifting smoothly from communism to free market capitalism, Slovenia's housing and banking sectors are now in a dire state.
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However, Prime Minister Janez Jansa insisted in late September 2012 that his country would not require a bailout from its fellow EU member states, despite the country's ongoing banking crisis. Jansa expressed his confidence that his centre-right coalition government would be able to stabilise the economy and steer the country past the threat of bankruptcy with stringent new reform measures and by spending around US$4bnn in buying up bad debts from its banks. Time will tell.
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