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Czech economy in 1999: struggling for revival

Author

Listed:
  • Kamil Janáček
  • Martin Čihák
  • Marie Frýdmanová
  • Tomáš Holub
  • Eva Zamrazilová

Abstract

Sluggish growth of GDP in 1997 was replaced by a decline of roughly 2 % in 1998. The main factor of the recession was a depression of almost all the components of domestic demand, mostly as a consequence of 1997 restrictive policy measures. One of the few positive developments was consolidation of the current account. While the external imbalance had been the most pressing problem in 1996 and 1997, the revival of economic growth represents macroeconomic priority for 1999 and for 2000 probably as well. Slight recovery of domestic demand and GDP cannot be expected before the second half of 1999. At the same time, the deficit of consolidated budgets, which is likely to exceed the Maastricht criterion in 1999, can represent a new threat for macroeconomic stability.

Suggested Citation

  • Kamil Janáček & Martin Čihák & Marie Frýdmanová & Tomáš Holub & Eva Zamrazilová, 1999. "Czech economy in 1999: struggling for revival," Prague Economic Papers, University of Economics, Prague, vol. 1999(2).
  • Handle: RePEc:prg:jnlpep:v:1999:y:1999:i:2:id:42
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