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
Piggy banks grow fatter in Central and Eastern Europe in Covid times
Average monthly savings and investment volume rose in all CEE markets in 2020, continuing uptrend over past five years
Across region, increasing importance attached to putting money aside, but level of satisfaction with savings and investments varies widely
Key drivers for putting money aside: “rainy days”, planned purchases and safeguarding for old age
Widespread popularity of traditional products like savings books and building savings also reflects risk aversion among CEE savers
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Czech National Bank: The vaccine game changer
The CNB will stay on hold this week but should confirm a more optimistic outlook for next year, driven by the vaccine news and recent fiscal package approval. This will push GDP and inflation higher and raise the odds of earlier rate hikes. But prudent wording might be chosen to prevent a sharp CZK appreciation. We look for two hikes in 2H21
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Industry and exports are expanding despite the second wave of the pandemic
Although manufacturing slowed down in October, it has still been growing decently in the second pandemic wave, with strong support from foreign demand. November will probably be weaker but not dramatically. Consequently, foreign demand significantly boosted exports while imports remained weaker. Construction declined at the beginning of the fourth quarter.
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