Periods of brisk economic growth create imbalances in the form of excessive public and private spending instead of being used to reduce public spending and deleverage.

"Paying down the debt incurred in the crisis creates a new buffer that a sovereign country can use in the next crisis to prevent the kind of diktat by creditors that Slovenia experienced in 2013," the GZS said.

The statement was issued on Thursday after IMAD, the government think-tank, significantly upgraded the growth forecast. It expects Slovenia's economy to grow by 4.4% this year and 3.9% in 2018.

The GZS has argued ever since economic growth accelerated in early-2016 that austerity should continue in the boom years.

It warned today that wage growth should lag behind productivity gains and pension outlays should be restrained.

As for external factors, the GZS warned a potential spike in the price of raw materials would likely lead to higher interest rates that would "interrupt the currently more than favourable economic trends."