Economic policy
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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Spotlight issue
How to stop tsunami of chronic diseases?
Last week, in the AmCham offices, Health MInister Adam Vojtěch led a panel discussion on what could be done to improve prevention of chronic diseases with prof. Vladimír Palička of the Society of Metabolic Diseases, Dr. Petr Šmach of the Škoda Employee Insurer, VZP ČR Deputy Head David Šmehlík, prof. Richard Češka of the Czech Internist Society, and Dr. Petr Šonka of the General Practitioners Society. AmCham Health Care Council Chairs Zuzana Kaifoszová, MD, MBA, ACC and Tomáš Březina of Amgen put together an overview and questions to be discussed.
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Inflation is still not easing – rather the opposite
Inflation in September again surprised with higher-than-expected growth. The main driver is housing costs, including the incipient rise in energy prices. Year-on-year core inflation rose to 6%. There is no doubt that the CNB will continue to raise interest rates.
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The CNB surprised with a 75bp rate hike
The central bank raised its key repo rate by 75bp at its September meeting, whereas the market expected a 50bp hike. The strong rate increase is primarily a response to rising inflation, which is already reflected in higher inflation expectations. According to our forecast, inflation will continue to rise for the rest of the year, exceeding 5% yoy at its end. Therefore, we expect a repo rate of 2.00% at end-2021 and a further increase to 2.50% at end-2022. This is close to the level that the central bank considers to be monetary policy neutral.
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