Czech Republic: 2005 Article IV Consultation—Staff Report and Public Information Notice on the Executive Board Discussion

Author: International Monetary Fund

Volume/Issue: Volume 2005 Issue 276

Publication date: August 2005

ISBN: 9781451810233

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Topics covered in this book

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Banks and Banking , Inflation , Labor , Public Finance , Demography , ISCR , CR , inflation targeting , deficit , lending , monetary policy , inflation-targeting framework , current account , labor market , exchange rate , headline inflation , Inflation , Real interest rates , Aging , Central and Eastern Europe , Western Europe , Europe , Global

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Summary

This 2005 Article IV Consultation highlights that recent accession to the European Union and gains in growth performance reinforced the Czech Republic’s position as one of the most open and developed economies among the new member states. Thanks to substantial foreign direct investment, its manufacturing sector is closely integrated into cross-border production networks, and foreign-owned firms now account for most of industrial exports. Banking sector indicators are positive, and bank lending—led by credit to households—continue to rebound. Past restructuring and improved risk management have also strengthened banks.