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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Fiscal Policy and Public-Expenditure Reform

The importance of making fundamental reforms to public expenditure is increasing. As Chapter 1 illustrates, the widening deficit is reflecting strong increase in spending as a share of GDP against a relatively flat revenue profile. Looking forward, rapid growth in the number of old people in coming years will increase spending on pensions and boost demand for health care. In addition, the authorities must ensure appropriate investment in public infrastructure and make sure that sufficient funds are being spent on education and training to bring goals of developing a highly skilled and adaptable workforce to fruition. These spending pressures have to be addressed in an environment...

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