Czech Economy WIll Grow by 3% this Year, Despite the Pandemic
The Czech economy will increase by 3% this year, with growth expected to increase to 3.9 percent next year.
Economic growth is expected to decline to about 3% in 2023 and 2024. The Czech crown is expected to strengthen as inflation falls. This is based on the findings of the Ministry of Finance’s daily survey on the economy’s growth, which is based on forecasts from 16 domestic professional institutions.
Around the same time, the institutions surveyed anticipate a 3.2 percent rise in wages and salaries this year and a 4.5 percent increase next year. However, The Ministry of Finance’s forecast for this critical budget measure is extremely conservative. Wage and salary growth is expected to be the slowest in both years. Wages and salaries are expected to rise by 0.7 percent this year and 2.3 percent next year, according to the Ministry of Finance.
According to the Ministry of Finance’s April projection, the economy will rise by 3.1 percent this year and 3.7 percent next year. According to the Czech Banking Association, growth will be 3.3 percent this year and 4.3 percent the following year. According to the Czech National Bank’s latest May forecast, growth will be 1.2 percent this year and 4.3 percent next year.