Why We Are Not Happy: Slovakia's Economic and Happiness Decline

As a former Minister of Finance and President of MESA 10, I have long warned about the detrimental economic and foreign policies pursued in Slovakia. For two decades, with brief interruptions, our nation has been steered by irresponsible and incompetent leadership, a trend exacerbated in the last three years by what can only be described as treasonous foreign policy, primarily under the direction of the Smer party and its leader, Robert Fico.

Fico's economic agenda has directly led to Slovakia's precipitous decline across all critical indicators: economic level, competitiveness, business environment, public administration quality, innovation, tax burden, and education. While we once ranked third among the EU11 nations (V4, Baltic states, Slovenia, Croatia, Romania, Bulgaria) around 2012, we now languish in ninth, tenth, or even last place in most of these crucial rankings. This downward spiral began not when it became evident, but with the advent of Fico's first government in 2006, which inherited a booming economy that sustained growth for a time despite a lack of reform.

Many economists, myself included, are often accused of overemphasizing economic growth. Critics argue that the true goal should be quality of life, contentment, and ultimately, happiness. I agree wholeheartedly with this sentiment, but it's crucial to understand that economic growth is a vital, albeit not sufficient, condition for achieving these higher aims. The correlation between economic prosperity and citizen well-being is undeniable, and Slovakia's trajectory starkly illustrates this.

Our nation's decline is not confined to economic metrics. The World Happiness Report mirrors our economic downfall. In 2012, Slovakia was the 46th happiest country globally; by 2025, we had plummeted to 54th. Among the EU11 comparison group, we fell from third to eighth place, overtaken by Poland, Romania, Estonia, Lithuania, and Latvia. While international rankings should be viewed with some caution, Slovakia's consistent and widespread regression across all significant indices, coupled with the progress of our neighbors, is deeply concerning and demands urgent attention. This isn't just about numbers; it's about the tangible impact on the lives and happiness of Slovak citizens, a reality often overlooked in international discourse but acutely felt at home.