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8th March 2021 / Economic policy / Macroeconomic Indicators, Economic Growth


Soaring Czech wages mainly driven by one-off factors

The 6.5% of Czech wage growth in 4Q20 is a positive surprise, but this quarter was affected by several one-off factors and bonuses for healthcare workers. This year we expect wage growth to slip below 3%

5th March 2021 / Good governance / Legal Reform and Transparency


Revamped rules for crowdfunding in the Czech Republic

On 10 November 2021, new rules for crowdfunding will come into force. However, these rules will not affect consumer financing (as represented e.g. by the zonky.cz project: people lending to people), but strictly to entrepreneurs and SMEs and loans in amounts of up to EUR 5 million.

3rd March 2021 / Economic policy / Macroeconomic Indicators, Economic Growth


After modest growth in 4Q20, the economy is likely to decline again in 1Q21

According to the CZSO’s refined estimate, the Czech economy grew by 0.6% qoq in 4Q20, with the year-on-year decline easing from -4.9% to -4.7%. These figures were slightly up on the advance estimates from the beginning of February of +0.3% qoq and -5.0% yoy. For full-year 2020, the economy recorded its steepest ever decline, of 5.6%, due to the pandemic.

3rd March 2021 / Good governance / Legal Reform and Transparency


Employers in Czech Republic may face new reporting obligations

Under the proposed amendment to the Czech Employment Act, employers will have to report:

  • job vacancies, including information about such positions, within 10 days;
  • employment, and changes to and termination of the positions of employees who are not participating in the sickness insurance scheme, within 8 days;
  • the fact that they employ staff who are not participating in the sickness insurance scheme, within 8 days.

3rd March 2021 / Economic policy / Macroeconomic Indicators, Economic Growth


Erste Group expects economic upturn in 2021

  • GDP growth rates seen between +3% and +6%, with Hungary posting region’s strongest upswing
  • CEO Bernd Spalt: „We will experience an economic rebound in 2021“
  • Insolvencies: only trailing effect, no insolvency wave
  • Company outlook: lower risk costs, significantly higher profits

Strategic Directions for Czech Economic Policy

  1. 1) Transition to High-Tech Manufacturing
  2. 2) The City Campus as Idea Factory
  3. 3) Government Programs That Drive Innovation
  4. 4) Government as a Competitive Advantage

Advocacy Priorities for 2020-2022 
 
People, Technology, Infrastructure, Cities, Government

 

2020 Actions Recommended in Areas:

1. Immigration.

2. Adult (post-graduate) Education and Training.

3. Programming as the Required Language.

4. Private Research Investment.

5. Housing Plan.

6. Establishing Policy Objectives for Research.

7. Establishing Databases for Tracking Public Policy Outcomes.

8. Public Procurement as an Innovation Tool.

9. A Government Competitiveness Scorecard.

 

Read the document in English and Czech.

Policy pipeline

In Policy Pipeline policy developments in the Czech Republic and abroad are monitored to bring better understanding of current topics and trends.

Members of the American Chamber of Commerce in the Czech Republic