The consequences of the 1938 Munich Agreement and subsequent occupation were disastrous for the economy. After the occupation and forced subordination of the economy to German economic interests, the crown was officially pegged to the mark at a ratio of 1:10, even though the unofficial exchange rate Contact online >>
The consequences of the 1938 Munich Agreement and subsequent occupation were disastrous for the economy. After the occupation and forced subordination of the economy to German economic interests, the crown was officially pegged to the mark at a ratio of 1:10, even though the unofficial exchange rate was 1 to 6-7 and Germans immediately started buying Czech goods in large quantities.[43]
In accordance with Stalin''s development policy of planned interdependence, all the economies of the socialist countries were tightly linked to that of the Soviet Union. Czechoslovakia was the most prosperous country in the Eastern Bloc, however it continued to lag further behind the rest of the developed world. With the disintegration of the communist economic alliance in 1991, Czech manufacturers lost their traditional markets among former communist countries in the east.
Today, this heritage is both an asset and a liability. The Czech Republic has a well-educated population and a densely developed infrastructure.[44]
Two government priorities have been strict fiscal policies and creating a good climate for incoming investment in the republic. Following a series of currency devaluations, the crown has remained stable in relation to the US dollar.[citation needed] The Czech crown became fully convertible for most business purposes in late 1995.
However, as a large exporter, the economy was sensitive to the decrease of the demand in Germany and other trading partners. In the middle of 2009, the annual drop of the GDP for 2009 was estimated around 3% or 4.3%,[46] a relatively modest decrease. The impact of the economic crisis may have been limited by the existence of the national currency that temporarily weakened in H1 of 2009, simplifying the life of the exporters.
In 2014, GDP in the Czech Republic increased by 2% and is predicted to increase by 2.7% in 2015. In 2015, Czech Republic''s economy grew by 4,2% and it''s the fastest growing economy in the European Union.[49] On 29 May 2015, it was announced that growth of the Czech economy has increased from calculated 3,9% to 4,2%.[50]
In August 2015, Czech GDP growth was 4.4%, making the Czech economy the highest growing in Europe.[52] On 9 November 2015, unemployment in the Czech Republic was at 5.9%, the lowest number since February 2009.[53] Dividends worth CZK 289 billion were paid to the foreign owners of Czech companies in 2016.[54]
Since its accession to the European Union in 2004, the Czech Republic has adopted the Economic and Monetary Union of the European Union and it is bound by the Treaty of Accession 2003 to adopt the Euro currency in the future.
The Czech Republic also receives €24.2bn between 2014 and 2020 from the European Structural and Investment Funds,[60][61] however, this sum does not outweigh the amount of capital outflow of profits of foreign owned firms from the Czech Republic into other EU members, at which the funds are aimed to compensate for.[62]
Social policy in the Czech Republic addresses issues such as healthcare, education, social welfare, housing and pensions. The government provides [63] social assistance and benefits to vulnerable groups, including the elderly, disabled, and unemployed. These social safety nets help protect individuals and families against income loss and social risks.
The Czech Republic provides universal access to healthcare, and healthcare services are predominantly financed through compulsory health insurance contributions. The country has a well-developed healthcare system that aims to provide essential medical care to all citizens.
The Czech Republic has labor market regulations[64] in place to protect workers'' rights, ensure fair wages, and promote job security. However, labor market flexibility has increased in recent years, and the country has undertaken labor market reforms to enhance competitiveness.
As of 2016, the Czech Republic has the second lowest poverty rate of OECD members only behind Denmark.[36] The Czech healthcare system ranks 13th in the 2016 Euro health consumer index.[65]
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