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
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.
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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
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Czech economy performed better at the end of 2020
The Czech economy grew by 0.6% in the last quarter of 2020 despite the second wave of Covid-19. Exports supported the economic expansion, confounding markets which had expected a contraction. We remain optimistic about a recovery in the second half of the year, despite the current worsening of the pandemic and third Covid wave
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