"You have to secure liquidity, have good control over fixed costs, actively carry out financial restructuring, disperse your client base and prepare an emergency plan," he told the Slovenian Business Club on Tuesday.

Delivering a lecture entitled What Awaits Us in 2019, Zakrajšek said the American and European central banks managed to neutralise the previous recession by reducing interest rates.

But since the rates are now close to zero "central banks no longer have wiggle room, not even for an ordinary recession."

Who will save the economy in the next crisis therefore remains an open issue. Fiscal policy is one option, but due to borrowing conditions on the market it does not have much wiggle room either, he said.

Turning specifically to Slovenia, Zakrajšek said the national economic system should change. Specifically, Slovenia should improve labour market flexibility, simplify the tax system and address worrying demographic trends.

"All reforms that have been the subject of discussion for so long should have been carried out in good times, but Slovenia has not done that."

"This is dangerous and we will pay that dearly in the next crisis," he stressed.