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OECD Economic Surveys: Czech Republic 2008

image of OECD Economic Surveys: Czech Republic 2008

This edition of OECD's periodic survey of the Czech economy finds strong growth and manageable inflation. It addresses a number of key economic challenges including ensuring fiscal sustainability, improving the labour supply, and  harnessing globalisation.

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Assessment and recommendations

The economy is benefiting from a significant pick-up in growth – on average, real GDP increased by over 6% between 2005 and 2007 and the labour market has tightened significantly. The recent global financial turmoil has so far not affected the economy although weaker growth elsewhere may have some impact. A spike in inflation is currently denting real consumption spending, nevertheless, GDP growth is expected to be about 4½% in 2008 and then to rise close to potential of around 5% in 2009. The improved economic performance is being driven by export-oriented manufacturing, reflecting further deepening of the economy’s involvement in international production chains. The implications of globalisation for the Czech economy are the subject of an in-depth review in this Survey.

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