News
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paxnews.com: Why the Czech Republic should be your next MICE pick
With more than 42,000 hotel rooms in total, and more five-star hotels than Vienna and Madrid combined, there are endless MICE opportunities--and if your clients wanted to host a MICE event in a castle, why not? The Czech Republic is home to more than 200 of them. The Czech Tourism Board and the Consulate General of the Czech Republic hosted a Lunch and Learn in Toronto to explain why the destination is quickly becoming a hub for MICE activity.
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ING Bank Czech Republic: Czech GDP growth slows in 2Q
The first estimate of GDP growth in the second quarter slipped to 2.3% year-on-year (0.5% quarter-on-quarter). A weaker print below 3% was expected due to the base effect so this is no game changer for our 2018 outlook or the central bank's monetary stance.
Czech economy decelerates; productivity gains are small
Czech GDP dynamics have eased. Qoq growth printed only 0.5%. The Czech economy has recorded sluggish growth figures since the second half of last year. For the second quarter, this is visible also in a yoy comparison as dynamics do not include the exceptional growth from 2Q17. Yoy dynamics thus recorded a low 2.3%, clearly showing that the economy lags behind its regional peers. Hungarian GDP increased 4.6% yoy, and Polish GDP added 5.2%. Domestic dynamics correspond more with German growth, which rose 2.0% yoy. To a large extent, capacity constraints are to blame. These are most visible on the labour market. Unfortunately, we do see no notable productivity gains. Without an increase in productivity, the Czech economy cannot aim for stronger dynamics. Productivity so far shows very modest growth despite the solid investment activity of the private sector.
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Orea Hotels to invest 0.5 bn CZK into modernisation
Hotels that have been modernised so far include Pyramida in Prague, the capital city, Horizont in Šumava forest land, and Voroněž in Brno, the Moravian largest city. Hotel Voroněž currently offers the largest capacity in Moravia, the eastern part of the country.
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ING Czech Republic: Czech inflation decelerates amid lower food prices
Inflation decelerated to 2.3% in July from 2.6% in the previous month. This weaker print was driven mainly by lower food prices but core inflation accelerated further. This is no game changer for the central bank's hawkish outlook for this year.
Strategic Directions for Czech Economic Policy
- Transition to High-Tech Manufacturing and Exports
- The City Campus as Idea Factory
- Government Programs and Processes That Drive Innovation
- Government as a Competitive Advantage, including Digitization
Advocacy Priorities for 2023
Technology, People, Infrastructure
Actions Recommended in Areas:
1. Establishing Policy Objectives for Research.
2. Research Investment and Cooperation. Big Bets (Key Technology Projects).
3. Establishing Databases for Tracking Public Policy Outcomes.
4. Public Procurement as an Innovation Tool.
5. Immigration of STEM Talents.
6. Digitization of Immigration.
7. Adult Reskilling and Upskilling.
8. Digitization of Land Use.
9. Infrastructure Development, including Technology Parks.
Read the documents in English and Czech.
Policy pipeline
In Policy Pipeline policy developments in the Czech Republic and abroad are monitored to bring better understanding of current topics and trends.