News
Pre-election Snapshop - Report by Grayling Czech Republic
The Czech citizens will soon cast their vote in one of the most important election over the past few years. Not only because they will select new members for the most important legislative body in the country - the Chamber of Deputies, but because it will be also crucial for the opposition parties, which have come together like never before to challenge the current PM – Andrej Babiš.
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The CNB surprised with a 75bp rate hike
The central bank raised its key repo rate by 75bp at its September meeting, whereas the market expected a 50bp hike. The strong rate increase is primarily a response to rising inflation, which is already reflected in higher inflation expectations. According to our forecast, inflation will continue to rise for the rest of the year, exceeding 5% yoy at its end. Therefore, we expect a repo rate of 2.00% at end-2021 and a further increase to 2.50% at end-2022. This is close to the level that the central bank considers to be monetary policy neutral.
Czech economic rebound in 2Q supported by rapid easing of COVID restrictions
The third and final CZSO estimate published today confirmed that Czech GDP increased 1.0% qoq in 2Q after a 0.4% decline in 1Q. In year-on-year terms, the economy grew 8.1% (the previous estimate was 8.2% yoy), with a significant effect of a lower base from 2Q20. Economic activity almost reached pre-crisis levels, hitting 95% of the level seen in 4Q19.
Digitization is changing the labor market, the education system remains unchanged. Vodafone therefore launched the #FutureTalentAcademy digital academy
According to a study by the World Economic Forum called the Future of Jobs Report, 65% of the jobs that today's students will have do not yet exist. In the labor market, the demand for completely new digital skills is gradually growing, which, however, is rarely taught in schools. Therefore, Vodafone, together with leading experts, has launched a free educational platform #FutureTalentAcademy, which will prepare young talents for the position such as web designer or gamedesigner.
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.
