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OECD Economic Surveys: Czech Republic 2006

image of OECD Economic Surveys: Czech Republic 2006

This 2006 edition of OECD's periodic review of the Czech economy finds that economic growth prospects have improved and that monetary conditions are good, but that much work is needed in public spending reform, improving the labour market, and enhancing the business environment. Special chapters examine pension reform, fiscal sustainability of state and municipal governments, modernising the education system, and boosting innovation.

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Policy challenges in sustaining catch-up

Czech GDP growth picked up in recent years and future growth prospects look more favourable. This first chapter of the OECD’s 2006 Economic Survey for the Czech Republic examines this improved performance and makes a broad overview of the structural reforms needed to maintain a healthy pace of catch-up with other OECD countries. While inflation and interest rates are low, big challenges remain in ensuring fiscal deficits and debt are on a sustainable path for euro-entry and beyond. The chapter reviews recent changes in budgeting procedures, general progress in public spending reform and introduces the chapters on pension reform (Chapter 2) and on municipal and regional government (Chapter 3). A second set of policy challenges lie in labour market and education policy. Recent labour market reforms are assessed and the issues tackled in the in-depth examination of education policy (Chapter 4) are introduced. A third set of challenges lie in the business environment. The ongoing efforts to improve legislation, cut back on red tape and reduce corruption are reviewed and there is an overview of the issues in innovation policy (Chapter 5).

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