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In the wake of the coronavirus pandemic the economy of the Czech Republic is set for the world’s fifth largest downturn this year, according to a report published by the Organisation for Economic Co-operation and Development. Only the United Kingdom, Italy, Spain and France will be harder hit in 2020, the OECD expects.

Losses to the Czech spa industry caused by the Covid-19 pandemic could reach up to 50 percent, the daily e15 reported on Monday. The return of Czech spa centres to normal is slowed down by the lack of both domestic and foreign tourists.

The coronavirus crisis could lead to unemployment of up to 10 percent in the Czech Republic, the minister of labour and social affairs, Jana Maláčová, told Monday’s edition of Hospodářské noviny. In anticipation of a wave of layoffs, her department is preparing changes to help fresh job seekers re-enter the labour market.

Prague City Hall has unveiled plans for the restoration of Prague’s Holešovice Market, the daily e15 reported this week. The historical complex of 19th century buildings should be transformed into a creative cluster including a marketplace, eateries, and offices.

Czech economic growth slowed by two percent in the first quarter of 2020, compared to the same period last year, according to revised data released by the Czech Statistics Office this week.

According to a new study by Allianz, based on data from 70 countries, the Czech pension system is relatively stable compared to others. In the first year of the Global Pension Report, the German financial services firm puts the Czech Republic in twelfth place overall.

The Czech state looks set to waive social security contributions from companies with 50 or fewer employees between June and August – on condition that they don’t let more than 10 percent of staff go, or cut wages by 10 percent or more of March levels. The measure has been approved by the Chamber of Deputies and must now go to the Senate.

Czechs’ payments methods have been affected by the coronavirus crisis, with people increasingly preferring to use bank cards when making online purchases, rather than paying cash on delivery, according to a report released by the Czech Banking Association on Thursday.

A variety of public and private projects have sprung up in order to help the Czech book market, heavily impacted by the coronavirus pandemic, get back on its feet. Among them is an initiative to get the public to support their favourite small bookstores through purchases and monthly stipends for authors.

After a shutdown lasting more than two months, carmaker Toyota Peugeot Citroën Automobile (TPCA) relaunched operations at its plant in the Central Bohemian town of Kolín on Monday. Capacity will be increased gradually and TPCA staff are receiving special training.