OECD Economic Outlook, Volume 2020 Issue 1
The OECD Economic Outlook is the OECD's twice-yearly analysis of the major economic trends and prospects for the next two years. The Outlook puts forward a consistent set of projections for output, employment, prices, fiscal and current account balances.
Coverage is provided for all OECD member countries as well as for selected non-member countries. This issue includes a general assessment of the macroeconomic situation, a series of notes on the macroeconomic and structural policy issues related to the COVID-19 outbreak and a chapter summarising developments and providing projections for each individual country.
Czech Republic
The spread of the COVID-19 pandemic has been contained effectively and the government has started to lift containment measures gradually. Nevertheless, the lockdown and disrupted supply chains have had a deep adverse economic impact. If a further virus outbreak returns before the end of the year, GDP is projected to decrease by 13.2% in 2020. If, on the other hand, the virus outbreak subsides in the coming months, GDP may fall by 9.6%. The economy is projected to recover only partially by end‑2021. Bold policy support will help the economy recover from the crisis, but unemployment will rise significantly from low levels.