2004 OECD Economic Surveys: Czech Republic 2004

image of OECD Economic Surveys: Czech Republic 2004

OECD's periodic survey of the Czech economy. This issue's special feature covers migration. The survey opens with a detailed review of economic conditions and policy challenges and is followed by an assessment of fiscal policy, public expenditure reform, and the Czech strategy for adopting the Euro. Four additional chapters assess Czech policy towards business, employment, immigration, and the environment.

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Assessment and Recommmendations

Growth in the Czech Republic is projected by the OECD to be around 4 per cent, somewhat above potential, this year and next, marking substantial progress over past performance and reflecting the success of past reforms. Investment and exports are expanding rapidly, taking over from a period of strong increase in domestic consumption. This good performance needs to be sustained, and preferably bettered, for living standards to catch up with the OECD average at a reasonable pace. This means creating the right conditions for continued capital deepening, efficient utilisation of labour resources and the further development of relevant skills. In many areas, good policy has already created healthy conditions for growth. For some years now, inflation has been low and stable and membership of the EU has prompted further progress in structural reform. Indeed, institutions and policies now closely resemble...

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