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
Inflation peaks close to 10%
At the beginning of the year, inflation accelerated to 9.9% yoy. This was slightly above market and CNB expectations, but fears of a much higher price growth did not materialise. According to our preliminary estimate, core inflation, on the other hand, is slightly lower than expected, which reduces the need for further tightening of monetary policy. Nevertheless, due to concerns about inflationary expectations and the pass-through of higher energy prices into other items in the consumer basket, we expect a slight increase in the CNB's main interest rate at the next meeting.
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AmCham Manufacturer's Council: "We see the need and we want to change how we do business, but it will be almost impossible to achieve the necessary change unless governments feel the same."
For decades, the engineering and manufacturing skills of the Czech nation have been the country's greatest asset.
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Taming the Inflation Shrew
Components subcontracting set to boost the economy We expect an improvement in the supply chain situation, which should support production and help the economy grow at a rate of 4.9% this year, on our forecasts. However, economic policy tightening should gradually slow the growth rate to below 3% in 2023.
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