Czech Republic Economic Snapshot
Economic Forecast Summary (June 2022)
The Czech economy is projected to grow by 1.8% in 2022 and 2% in 2023. The recovery is facing headwinds from further supply disruptions, rising prices and overall uncertainty related to the war in Ukraine. Trade and manufacturing output will slow. A tight labour market will buttress private incomes, but weaker sentiment and rising prices will weigh on domestic demand. Inflation is expected to increase further, before gradually returning towards the tolerance band around the 2% target.
Reform Priorities (April 2021)
Going for Growth 2021 - Czech Republic
The recovery offers an opportunity to focus on productivity-enhancing investment and upskilling, including better targeting of R&D support and improved business environment.
©Shutterstock/Anton Petrus
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2021 Structural Reform Priorities
- Labour market: Make the labour market more fluid and inclusive
- R&D and digitalisation: Enhance R&D investment and improve business environment
- Environmental policy: Pursue greener growth
- Labour market: Reform the pension system and promote longer working lives
- Public sector efficiency: Improve public sector efficiency by consolidating local government services