- published: 14 Jun 2013
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Slovenia today is a developed country that enjoys prosperity and stability, as well as a GDP per capita at 88% of the EU27 average. It was the first new member of the European Union to adopt euro as a currency in January 2007, and it has been member of the Organisation for Economic Co-operation and Development since 2010.
Slovenia has a highly educated workforce, well-developed infrastructure, and is situated at a major transport crossroad. On the other side, the level of foreign direct investment is one of the lowest, and the Slovenian economy has been severely hurt by the European economic crisis, started in late 2000s. Almost two thirds of people are employed in services.
Although it comprised only about one-eleventh of Yugoslavia's total population, it was the most productive of the Yugoslav republics, accounting for one-fifth of its GDP and one-third of its exports. It thus gained independence in 1991 with an already relatively prosperous economy and strong market ties to the West.
Since that time, it has pursued diversification of its trade with the West and integration into Western and transatlantic institutions vigorously. Slovenia is a founding member of the World Trade Organization, joined CEFTA in 1996, and joined the European Union on 1 May 2004. In June 2004 it joined the European Exchange Rate Mechanism. The euro was introduced at the beginning of 2007 and circulated alongside the tolar until 14 January 2007. Slovenia also participates in SECI (Southeast European Cooperation Initiative), as well as in the Central European Initiative, the Royaumont Process, and the Black Sea Economic Council.
Slovenia (i/sloʊˈviːniə/ sloh-VEE-nee-ə, Slovene: Slovenija), officially the Republic of Slovenia (Republika Slovenija, [reˈpublika sloˈveːnija]) is a Slavic nation state, situated in South-Central Europe, at the crossroad of main European cultural and trade routes. It borders Italy to the west, Austria to the north, Croatia to the south and southeast, and Hungary to the northeast. It covers 20,273 square kilometres (7,827 sq mi) and has a population of 2.05 million. It is a parliamentary republic, member of the European Union and NATO. Relative to its geography, history, economy, culture, and language, it is a very diverse country distinguished by a transitional character. It is characterised by a high economic and social level. Its capital and largest city is Ljubljana.
The territory of Slovenia is mainly hilly or mountainous and has an exceptionally high landscape and biological diversity and a mosaic structure, which are a result of natural attributes and the long-lasting presence of humans. Four major European geographic units interweave here: the Alps, the Dinaric Alps, the Mediterranean, with a small portion of coastline along the Adriatic Sea, and the Pannonian Plain. The climate is temperate and significantly influenced by the variety of territory, with a strong interaction of the continental climate, the sub-Mediterranean climate and Alpine climate across most of the country. The country is one of the water-richest in Europe, with a dense river network, a rich aquifer system, and significant karstic underground watercourses. Over half of the territory is covered by forest.