Economic policy / Macroeconomic Indicators, Economic Growth
This section reports on economic policy initiatives of the Czech government, the EU, and other entities that have a direct impact on the competitiveness of the country. It also includes information on economic priorities of the AmCham and other leading associations.
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OECD Economic Outlook for Czechia (June 2023)
According to OECD, GDP growth in Czechia will slow to 0.3% in 2023, before picking up to 2.4% in 2024. In 2023, high energy prices, tight financing conditions and weak sentiment will hold back private investment, and still elevated inflation will constrain private consumption. Private consumption will pick up in 2024, underpinned by growing real wages. Inflation will start falling from currently high levels but will only approach the 2% target towards the end of 2024. The unemployment rate will remain low, close to 3%.
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Prices will not return before the inflationary wave. We have ourselves to blame, says the head of Linet
He was one of the first to warn in the spring of 2021 that we were in for a significant rise in the prices of goods and services. He was right: we are facing high inflation and there is no end in sight. Tomas Kolar, CEO of LINET, now reveals other important trends from behind the scenes of the industry. Soon, they will affect us all.
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