Czech Republic

3 Results, Refine search

The Czech Republic is a high-income country of 10.6 million people. It has been a member of the European Union since 2004. The country remains outside the Eurozone, even though macroeconomic fundamentals are sound enough to join it. Its currency is the Czech koruna (CZK).

As an open economy with close industrial integration into the EU, notably Germany, Czech Republic was particularly exposed to the recession experienced in western Europe during the COVID-19 outbreak. Timely fiscal and monetary support was implemented in 2020, as the country has the leeway to do it (low public debt, at 30% of GDP before the Covid period). Potential growth remains constrained by the decline in the working age population, and future economic development will rely on the ability to boost labour productivity.