Producing dynamic growth is the task ahead

Jeffrey Sachs

Prague Economic Papers, 1996, vol. 1996, issue 1

Abstract: The first stage of transition in the Czech Republic is over. This country has a market economy and it is working. The second stage of transformation is the rapid catch-up with Western Europe. The main steps may be following: The first involves macro-economic policies, especially exchange rate policy. Exchange rate policy should be managed consistently to protect the competitiveness of export industries. The second item is tax policy. The government spending should be compatible with the level of development and the level of income - it should be in the order of 25 - 30 %. Pension reform. Flexible labor markets. Market access. Infrastructure. Transport, communications.

Date: 1996
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DOI: 10.18267/j.pep.93

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