Czech Republic: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Czech Republic

January 30, 2024

Preview Citation

Format: Chicago

Czech Republic: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Czech Republic, (USA: International Monetary Fund, 2024) accessed December 30, 2024

Summary

Growth slowed considerably following Russia’s invasion of Ukraine, reflecting disruptions in global value chains, significant increases in energy and commodity prices, an erosion in real wages, and a necessary tightening in monetary policy. Growth is expected to pick up in 2024, led by consumption and fixed investment—as inflation fades and real income recovers—supported by net exports. Nevertheless, over the medium term, GDP is not expected to reach the levels consistent with its pre-pandemic trend. Inflation peaked in 2022 and is projected to meet its target by early 2025. Risks are tilted to the downside for activity and to the upside for inflation.

Subject: Economic and financial statistics, External sector statistics, Fiscal policy, Fiscal stance, Inflation, International organization, Labor, Monetary policy, Monetary tightening, Prices, Real wages

Keywords: Contractionary monetary policy stance, Europe, External sector statistics, Financial markets inflation expectation, Fiscal stance, Global, Inflation, Inflation expectation, Meeting-by-meeting approach, Monetary tightening, Real wages, Staff expectation, Twelvemonth headline inflation

Publication Details

Pages:

80
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2024/028
Stock No:

1CZEEA2024001
ISBN:

9798400263705
ISSN:

1934-7685

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