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Czech economy in 1999: struggling for revival

Kamil Janáček, Martin Cihak (), Marie Frýdmanová, Tomas Holub () and Eva Zamrazilová

Prague Economic Papers, 1999, vol. 1999, issue 2

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.

Keywords: growth of gross domestic product; domestic demand; macroeconomic stability; restrictive monetary and fiscal policy; consolidated budgets; restructuring (search for similar items in EconPapers)
Date: 1999
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