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
Czech unemployment rate slightly higher in May
The Czech unemployment rate increased slightly in May, but this does not mean that the labour market is immune to the economic fallout from the pandemic. This slight increase is probably the result of government measures, but once these measures end, we're likely to see an increase in the months ahead.
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Wage growth continues gradual deceleration
At the end of last year, average wage growth was slower than initially estimated and growth decelerated further in 1Q this year. The economic recession will bring about an increase of unemployment as companies try to lower the costs of wages. This year, the average real wage will probably increase only marginally. Household consumption will remain sluggish. The CNB will probably cut the key interest rate to technical zero.
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Czech confidence broadly stagnated in May
Even though Czech households’ confidence increased in May, it wasn't enough to compensate for the fall seen in the last two months. On the other hand, business confidence further fell in May, so overall confidence improved only slightly, but broadly stagnated.
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