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2016 OECD Economic Surveys: Czech Republic 2016

image of OECD Economic Surveys: Czech Republic 2016

This 2016 OECD Economic Survey of the Czech Republic examines recent economic developments, policies and prospects. The special chapters cover: Fostering productivity for sustainable convergence; Public sector effectiveness.

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Fostering productivity for income convergence

Over the past two decades, the income level of the Czech Republic has converged considerably towards the OECD average. However, after the 2008 global crisis, the convergence process stalled. Shortfalls in labour productivity have developed and are mainly structural. Policies are needed to foster domestic sources of productivity growth. Better targeting of government R&D support and more focused innovation policies that would be aided by a streamlining of policy institutions and interventions are necessary. In particular, tailored policies to increase knowledge-based capital (skills, management capacity, collaboration, etc.) are necessary to increase Czech firms' productivity. Also, resources reallocation should be facilitated by reforming framework conditions. In particular, bankruptcy rules, competition and regulation policies, access to finance and SME taxation need to be improved to boost SMEs' growth and productivity.

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