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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Economic Conditions and Policy Challenges

Membership of the European Union has marked the end of the Czech Republic’s transition to a market economy. Institutions, policies and, in broad terms, the role of the state in markets and the structure of economic activity now differ little from many other OECD countries. Furthermore, an impressive record of low inflation has been maintained. With such positive developments a strong process of catch-up would normally be expected. Czech GDP per capita is considerably below the more affluent OECD countries and under the right conditions the economy should have a healthy margin of growth on high-GDP-per-capita countries. The reasonably strong growth of recent years is a welcome sign that catch-up is underway, though a weak long-term record warns against complacency. There is broad support in the current political...

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