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Slovenia's Economy in 1998

Ljubljana, 10 December - REVIEW/ECONOMY/1998
Slovene economy remained an island of stability in 1998 despite the global economic and financial crisis, with analysts predicting no major blows may be expected from the ongoing recession. Still, the economy could not escape a critical European Commission's review in November which criticised it for being too slow in adjusting to EU rules. While the parliament did pass the VAT and excise duty bill in November, it failed to enact long-awaited banking and insurance legislation. Also, two banks, Nova Ljubljanska Banka and Nova Kreditna Banka Maribor have not yet started to privatise. First privatisation stocks issued by authorised trust funds (PID) entered stock exchange listings after the privatisation process was officially brought to an end after six years. The government sold off most of its stocks in Slovene oil companies. Pressed by gradual liberalisation of the domestic market for foreign investors, the process of mergers and take-overs started in many industry branches.

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