DEFINITION of 'Tatra Tiger'
A nickname or colloquial term for the central European nation of Slovakia. It became known as the Tatra Tiger following economic growth rates that were among the highest in Europe in the first decade of the 21st century. Following its separation from the Czechosolovakia in 1993, Slovakia embarked on significant economic reforms that spurred growth, and enabled it to join the European Union in 2004. The term "Tatra Tiger" is derived from the Tatra mountain range that straddles the border between Slovakia and Poland.
BREAKING DOWN 'Tatra Tiger'
Reforms ushered in by the Slovakian political coalition that assumed power in 1998 included the introduction of a flat 19% corporate tax, and deregulation of the labor market. Slovakia possesses several attributes common to the well-known Asian Tigers, such as economic stability, low costs and a well-trained workforce. In addition, with the nation's geographic location as an entry point into Europe enhancing its attraction for auto-manufacturing assembly lines, a number of global automobile manufacturers and ancillary suppliers set up factories in Slovakia. In 2005, the World Bank ranked Slovakia as one of the top 20 destinations for foreign direct investment.