The Czech economy has come out of the crisis. The Czech unemployment rate fell to 6.4% in May, compared with 6.7% in April, according to the data published by the Czech Statistical Office yesterday, and the trend should continue. The Czech National Bank Governor Miroslav Singer expects the unemployment rate somewhere above 5% and GDP growth of more than 3% in 2016. "The greatest surprise is a slower-than-expected wage increase. It shows how deep the crisis was," Mr. Singer said. CNB does not plan to teminate currency interventions earlier than in the second half of 2016. Mr. Singer believes that setting a specific date for the euro adoption is not on the agenda of the current government, whose mandate will end in 2017.

OECD and IMF forecasts for Czech GDP growth in 2015 are 3,1% and 3%, respectively.

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