OECD: Czech economy to see fifth steepest downturn in the world in 2020

11-06-2020

This year's economic downturn in the Czech Republic will be the fifth steepest in the world, according to an estimate by the Organization for Economic Co-operation and Development (OECD).

According to the projection only the United Kingdom, Italy, Spain and France will be worse off.

The OECD predicts that the Czech gross domestic product will fall by 9.6 percent this year, and the country will experience a recovery in 2021 when the economy will grow by 7.1 percent.

In the event of a second wave of the coronavirus epidemic in the autumn, the GDP would fall by 13.2 percent, and next year it would rise by only 1.7 percent.

The Czech Republic has seen healthy growth in the past years which accounts for the predicted steep fall this year.