Czech Republic:2022 Article IV Consultation-Press Release; and Staff Report

Author: International Monetary Fund. European Dept.

Czech Republic: 2022 Article IV Consultation-Press Release; and Staff Report

Volume/Issue: Volume 2023 Issue 031

Publication date: January 2023

ISBN: 9798400231391

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Topics covered in this book

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Banks and Banking , Exports and Imports , Inflation , Economics- Macroeconomics , Money and Monetary Policy , Business and Economics - Statistics , International - Economics , inflation expectation , high-inflation environment , headline inflation , potential GDP , reducing inflation , creating capital inflows , Inflation , Fiscal stance , External sector statistics , Consumption , Europe , Global

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Summary

Czechia's nascent recovery from the pandemic has been hindered by Russia’s war in Ukraine. Gas shortages are unlikely this winter but further increases in energy prices are a key risk. Inflation, which is well above target, and the rise in the cost of living are causing significant social pressure. The labor market remains tight and risks from a heated property market persist. Growth is projected to slow in 2022 and 2023 but to recover in 2024. Risks are tilted to the downside for activity and to the upside for inflation.