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OECD predicts slower Czech growth, urges more fiscal reform
Published in Saudi Press Agency on 24 - 04 - 2008

The Czech Republic's booming economy is to grow
slower in coming years and will be in need of further fiscal reform,
according to a survey by the Organization for Economic Cooperation
and Development (OECD) released Thursday, according to dpa.
OECD predicts that the Czech economy is to slow down to 4.5 per
cent in 2008 and 5 per cent in 2009, still well above the Western
European average but below the 6.5-per-cent levels of recent years,
OECD general secretary Angel Gurria said.
The Czech Republic is one of the most successful post-communist
economies that has been fuelled by car and electronics export
industries.
According to the survey, the country could reach Western European
levels of prosperity in 10 years if it keeps up its growth.
"Assuming real GDP-per capita growth of 2 per cent in the euro
area and 5 per cent in the Czech Republic, the gap could close within
a decade," OECD said.
The Czech Republic's gross domestic product per person is
currently about 75 per cent of the eurozone average on a purchasing-
power-parity (PPP) basis, the survey said.
OECD's Gurria praised the centre-right cabinet for setting out on
a budget-tightening course, but also urged further fiscal reform that
would sustain country's competitiveness in the face of population
ageing.
"You are a small, open economy. You have to always keep in great
shape," he said.
The OECD recommended that the Czech Republic increase retirement
age, keep overhauling healthcare and improving conditions in the
labour market.
The call for further fiscal reform came a day after the country's
top court abolished one of the government's earlier measures aimed at
taming public finances.
The government hopes to introduce further budget-tightening
reforms, but faces hurdles from its own dissidents and leftist
opposition in a tightly divided parliament.


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