Economy - The Czech Republic

Result code in IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216208%3A11640%2F20%3A00582646" target="_blank" >RIV/00216208:11640/20:00582646 - isvavai.cz</a>

Result on the web

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DOI - Digital Object Identifier

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Result language

angličtina

Original language name

Economy - The Czech Republic

Original language description

Since the Czech Republic’s entry to the European Union (EU) in 2004, the country’s economy has experienced an increasing trend in convergence towards its Western counterparts. However, the global financial and economic crisis that commenced in 2008 affected the process to a greater extent than was the case in other Central and Eastern European countries, and only limited growth in Czech gross domestic product (GDP) was recorded during 2008–13. Thereafter, the Czech economy started to recover quickly, and in 2019 GDP per head, measured in purchasing-power parity terms (PPP), reached 91.1% of the EU-28 average and 91.3% of the Organisation for Economic Co-operation and Development (OECD) average, and the Czech Republic has overtaken countries such as Spain in GDP per capita in terms of PPP (according to figures from Eurostat, the EU statistical agency). Since 2015, the Czech Republic has demonstrated one of the best economic performances among the EU countries, characterized by strong economic growth, low unemployment rates, the expansion of exports and a decline in government debt. According to the World Bank, the country’s GDP grew by 4.4% in 2017, 2.8% in 2018 and 2.6% in 2019. Economic forecasts by the Czech Government and the European Commission prior to the coronavirus disease (COVID-19) crisis suggested that the trend of growth would continue in 2020. Due to the COVID19 pandemic, the Czech Government adopted a series of strict measures to prevent the spread of the disease early in March 2020, becoming one of the first countries to intervene promptly. A state of emergency was declared with effect from 12 March (under which many companies were closed from the following day), and remained in force until 17 May. During the months of quarantine (March, April and the beginning of May), the Government focused primarily on providing liquidity to companies and households, maintaining employment through the so-called ‘kurzarbeit’ scheme (short-term state contributions to employees’ wages) rather than spreading economic problems into the financial sector. From May, the Government’s restrictive measures were gradually relaxed and normal economic activity began slowly to resume.

Czech name

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Czech description

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Type

C - Chapter in a specialist book

CEP classification

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OECD FORD branch

50202 - Applied Economics, Econometrics

Project

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Continuities

I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Publication year

2020

Confidentiality

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Book/collection name

Central and South-Eastern Europe 2021

ISBN

978-0-367-44019-0

Number of pages of the result

4

Pages from-to

175-178

Number of pages of the book

840

Publisher name

Routledge

Place of publication

London

UT code for WoS chapter

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