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Although attaining an overall growth rate of around 4% in 2008, comparing well with other European economies in the grip of the recession, Slovenia’s relatively stable economy experienced a hiatus for the course of 2008 due to political events. Slovenia’s presidency of the European Union during the first half of the year diverted some of the government’s energy away from the privatisation processes which had been under way, leading to the derailment of the telecoms privatisation which had begun earlier in the year and preventing action to open up the energy, banking and insurance industries to the private sector. In the latter half of the year, the election of a new Slovenian government and its consolidation put the brakes on the introduction of new legislation and its implementation, delaying measures which may otherwise have been put in place to encourage bank lending to deal with the economic downturn which is now beginning to affect Slovenia’s previously lively real estate market. The banking sector witnessed a continuation of activity in the IPO market up to the half year point with several issues, but this slowed in the second half of the year.
Nevertheless, with the new government now at the helm, ‘ gradual and balanced’ developments are expected in the infrastructure and energy sectors, with the emphasis shifting to PPP projects in preference to straightforward privatisations for these nationally run concerns.
Foreign investment in Slovenia has historically derived largely from Austria and Germany, and leading Austrian firms Schönherr and Wolf Theiss are well-placed in Ljubljana to capture inward investment into Slovenia from their established clients. Local firms Jadek & Pensa and Law firm Rojs, Peljhan, Prelesnik & Partners o.p., d.o.o. also handle major commercial transactions for international and local clients, as do Odvetniki Selih & Partnerji and Attorneys at Law Miro Senica in odvetniki.