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International Business
Czech Republic Economy
This is a paper that examines the economy of the Czech Republic. There are five references used for this paper.
The Czech Republic has recently restored democracy after being a communist country. It is important to look at how this democracy has affected the economy of the country.
Restored Democracy
The Velvet Revolution in 1989 and the "active encouragement of foreign investment by the iconic President Havel aided the relatively smooth transition to democracy in the Czech Republic (Barrie)." The country was able to establish a thriving tourist industry faster than any of the other central European countries, and had an estimated GDP of $132.4 billion in 2000 (Barrie). Companies that were established soon after the country regained its independence faced financial hardships at first due to the transitional economy. However, those with a "combination of entrepreneurial teamwork, historic Czech capabilities and ambition (unknown, Water Power)" proved successful and have continued to flourish. During the Communist regime, the prices of property and their economic significance were effectively concealed.
However, after 1989 there was a "change in the determination of property prices, such as free price setting and the principle of supply and demand (Ryska)."
In 1997 the economy grew by just 1% as unemployment and inflation rose, and real incomes fell. In 1998 the economy became steady, however "high interest rates and a weak currency curbed imports and boosted exports (unknown, Economist)." From 2000-02 there has been notable growth as "exportation increases, interest rates drop and the availability of credit cards and mortgages increases. However, high current account deficits, which have averaged around 5% of GDP in the last several years, could continue to be a problem (http://www.cia.gov/cia/publications/factbook/geos/ez.html)."
Conclusion
The Czech Republic has established itself as one of the most prosperous and stable post-Communist countries. As tourism and industry increase, the country shows positive signs of an achieving a strong economy.
Works Cited
Barrie, Neil. Czech republic. Country Reports. (2002): 22 March.
Economy, Czech Republic. (accessed 19 November, 2003). http://www.cia.gov/cia/publications/factbook/geos/ez.html).
Ryska, Jaromir. Frantisek Drozen and Petr Ryska. The Real Estate Valuation Profession in The Czech Republic. Appraisal Journal. (1999): 01 October.
Unknown. A Czech success story. (Company Profile). (Mavel from the Czech Republic).
International Water Power and Dam Construction. (2002): 01 February.
Unknown. Czech Republic: Left turn? The Economist. (1998): 13 June.
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