The Czech economy will perform worse than expected this year

Last year, the Czechia recorded a fall in GDP of 5.6 percent, so the recovery will not come until next year.

Last year’s performance of the economies was strongly affected by the global pandemic of covid-19 and related restrictions.

According to the current forecast, the euro area economy will grow by 4.4 percent this year and by 3.8 percent in 2022. Over the next year, it should recover from last year’s decline in GDP by 6.6 percent.

The United States, whose economy contracted by 3.5 percent last year, expects GDP growth of 6.4 percent this year. So he will recover this year. In the following year, 2022, the local economy will grow by 3.5 percent.

The largest Czech trading partner, neighboring Germany, will increase its GDP by 3.6 percent this year and by 3.4 percent next year. Last year, its economy fell by 4.9 percent.

The spring meeting of the IMF and the World Bank is taking place in Washington this week. Due to the pandemic, it takes place virtually. According to the fund, the global economy will show 6% growth this year, while in the autumn the fund expected growth of 5.2 percent.

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