IMF lowers growth outlook for Czech economy to 3.8 percent

Czech Republic's Prime Minister Andrej Babis arrives for an EU summit at the European Council building in Brussels, Friday, Oct. 2, 2020. European Union leaders will be assessing the state of their economy and the impact of the coronavirus pandemic on it during their final day of a summit meeting. (AP Photo/Olivier Matthys, Pool)
By Karolina Klaskova
1 Min Read

The Czech economy will grow by 3.8 percent this year and speed up to 4.5 percent next year, according to the International Monetary Fund (IMF) in its autumn outlook. It thus worsened its estimate from the spring forecast, when it expected the Czech gross domestic product (GDP) to increase to 4.2 percent this year.

The Monetary Fund sees next year more optimistically in the case of both the Czech Republic and Slovakia. In the spring, it predicted the Czech Republic to grow by 4.3 percent and Slovakia by 4.4 percent. Now, in the case of Slovakia, it is expecting an economic increase of 5.2 percent next year.

In its forecast at the end of August, the Czech Ministry of Finance improved its estimate of economic development for this year and 2022. The economy is expected to grow by 3.2 percent this year and by 4.2 percent next year. In its forecast from early August, the Czech National Bank expects economic growth of 3.5 percent and next year of 4.1 percent.

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