Matej Horňák specializes in analyzing the macroeconomic development of the Slovak economy. He studied Economic Policy at the University of Economics in Bratislava. As a research assistant, he worked at the Industriewissenschaftliches Institut in Vienna and has been employed at Slovenská sporiteľňa since February 2020. The team of economic analysts at Slovenská sporiteľňa, of which he is a part, has been the most cited team in the Slovak market every year since 2022. Since 2018, he has also been involved in municipal politics as a member of the local council.
In this interview, we discussed his studies, professional journey, advice for current students, and the current challenges facing the Slovak economy.
How do you remember your studies at the Faculty of National Economy?
On one hand, those were very enjoyable student years, as many of us know them—full of meeting new people, visiting Virt (a student hub), and having fun with classmates. On the other hand, the preparation for real life after graduation was of high quality. I studied Economic Policy, meaning the "hardcore macroeconomics." In my work, it is essential to understand theoretical foundations, such as fiscal and monetary policy tools and how they function.
How has your education helped you in your current career?
What helped me the most was learning how to think critically. This mainly happened during seminars, where we discussed real-world situations, examined how they were resolved, and debated whether those solutions were correct or not.
I still remember my final exams when, during one question, I started talking about the theoretical concepts of different economic schools. The then-dean, Professor Luptáčik, stopped me after a while, thanked me, and gave me a real-world example: "If a crisis happened now, how would representatives of different economic schools respond, and what is your opinion?" This kind of economic thinking—finding connections and focusing on practical application—is what I gained the most from. Economic conditions change rapidly, but this way of thinking prepares you for those changes.
If you could give one or two pieces of advice to current students, what should they focus on to secure good job prospects after graduation?
What helped me a lot was completing many internships and part-time jobs during my studies. I don’t brag about it much, but in the first three years of university, I had around ten different part-time jobs and attended over forty job interviews. It was intentional—I wanted to understand the job market, learn what companies need, and try different things to figure out what I enjoy. Plus, I get bored quickly with monotonous jobs. So, I worked in multinational corporations, public administration, and non-profits.My first piece of advice: Don’t be afraid to experiment and change things up.
Additionally, these jobs and internships helped me build a network of contacts. I always left on good terms, met many skilled people from different sectors, and those connections have been very helpful. So my second piece of advice: Network as much as possible.
What is your current role at Slovenská sporiteľňa? Which analytical topics interest you the most?
Our daily task is to monitor the economic situation in Slovakia and abroad—especially in Germany, the eurozone, and the U.S. We then communicate our findings to our colleagues in the bank, as these insights help shape business decisions. Part of our job also involves speaking to the media and at conferences.
Right now, Donald Trump and the impact of his policies on the EU and Slovakia are a major focus. This geopolitical development and its economic implications are particularly interesting to me. I also enjoy topics related to the labor market and competitiveness.
You frequently appear on TV and give interviews for Slovak media, whether on the radio or in print. How did you adjust to this role?
The beginning was tough. You have to get used to the camera and detach yourself from the fact that thousands of people might be watching you while still staying fully focused on your message. Even if the topics and questions are pre-set, discussions with the moderator often take unexpected turns, and you might get a question you're unprepared for—which can be tricky when you're live on air.
So, you need to learn to improvise while maintaining factual accuracy. The longer you do it, the deeper your understanding of the topics becomes, and fewer questions can truly catch you off guard. Eventually, you stop thinking about the cameras altogether—it just becomes routine.
Do you enjoy it, or did you have to overcome challenges?
One challenge was learning to speak in a way that ordinary people can understand. If you're deeply involved in something daily, you might think you're explaining things clearly and simply. But for someone completely outside the field, it can still be too complicated. You always have to adjust your language to your audience—explaining things to financial directors is very different from speaking to a general newspaper audience.
How do you see the development of the Faculty of National Economy? What would you have appreciated during your studies?
There are two things I felt were lacking after finishing my studies. A stronger emphasis on foreign languages. More subjects in English, more language courses, etc. To be fair, our professors often warned us that we would need strong language skills, but back then, it felt distant. Once I entered the workforce, I quickly realized they were right and had to catch up.
More focus on statistics and econometrics. Although there was already progress in this area when I studied, it still wasn’t enough for what I needed in practice. Recently, though, I see that the faculty is producing high-quality research, innovating its education process, and using top international textbooks. That deserves a big thumbs-up from me.
Since you specialize in analyzing the Slovak economy, what do you see as its biggest challenges today?
Slovakia faces many challenges. The decline in competitiveness should be priority number one. Excessive business burdens, lack of investment, rising labor costs outpacing productivity, and insufficient innovation—these are just a few problems that need to be addressed.
Do you see any positive trends that could support economic growth?
We will also have to tackle demographic changes that will affect the labor market, social system, and state budget. Another key factor is our automotive industry, which is undergoing structural changes. We must support it to ensure a smooth transition—not just toward electric vehicles but also in the overall industry structure.
The "smile curve" concept is relevant here—it shows the added value of different stages in a product’s life cycle. Currently, Slovakia specializes in areas with relatively low added value. With economic shifts and rising wages, we need to move towards activities that generate higher value—and offer better salaries.
However, this structural shift will be difficult without a high-quality education system. We must adapt education to meet 21st-century needs. If we don’t address these challenges, Slovakia’s long-term economic growth is at serious risk.
Besides your job in banking, you are also a local councilor in your town. What motivated you to get involved?
I have been a local councilor for two terms in my small hometown. I enjoy this role because you have a real chance to influence things that shape everyday life—from waste collection and public spaces to school investments and community events. Local politics is the closest form of politics to the people. You get immediate feedback—just go to the local pub or a football match (laughs).
I encourage young people not to be afraid to get involved. At first, you might feel out of place among the "old veterans," but your ideas are just as important as theirs. The advantage is that you can directly impact the quality of life in your town or city
Photo: Matej Horňák’s archive
