Suchergebnisse

The economic development of the Czech Republic & Slovakia after the split of former Czechoslovakia in 1993 shows some important differences, caused by different economic policy & the starting level. The convergence of the Slovak economic level to the Czech one was very fast after the World War II, due to the massive reallocation of resources (the transfer of resources in favor of Slovakia represented 11% of the Slovak GDP). The Slovak economy adjusted to the lower economic level after the split by sinking real wages & by depreciation of the Slovak koruna, so that the ULC are now the lowest among the Central European countries. Slovakia enjoyed very fast growth of GDP in recent years fluctuating from 7 to 10%, while in the Czech Republic it reached from 6 to 7%. The abundant inflow of FDI & economic reforms helped to speed the real convergence in Slovakia, which continued fluently after a deep fall accompanying the split of Czechoslovakia. In 2007, the Slovak GDP per capita measured in PPS reached 84% of the Czech one. The common challenge for both economies is to overcome the one-sided orientation on cost/price competitiveness based on low wages & pass over to the qualitative competitive advantage, based on the innovations & production of high quality goods & services. Tables, Figures, References. Adapted from the source document.

The question of whether Central & Eastern European (CEE) nations that were integrated into the European Union in May 2004 will be able to take advantage of new economic opportunities to increase their gross domestic products is addressed. An overview of the European Union's economic institutional framework is presented, illustrating the various benefits that CEE nations will receive from transitioning to a developed market economy. Data measuring the initial economic level, economic structural characteristics, fiscal & monetary policies, & economic competitiveness of different CEE nations, 1990-2000, are compared with similar data for the Czech Republic to ascertain whether real convergence is possible in the new acceded states. In addition, the issue concerning whether the CEE states will realize convergence on nominal indicators is addressed, & specific attention is given to the possibility of price level convergence & the newly acceded states' adoption of the euro. Recommendations for enhancing the CEE members' prospects of successfully transitioning to a developed market economy are also offered. 9 Tables, 2 Figures, 18 References. J. W. Parker

Der Autor dokumentiert die wirtschaftliche Ausgangsposition der CSFR vor der Einführung des marktwirtschaftlichen Systems. Als wesentliche "komparative Vorteile" für den Übergang in die Marktwirtschaft sieht er zum einen die Anpassungsfähigkeit, die Qualifikation und das Bildungsniveau der Arbeitskräfte und zum anderen die (noch) niedrigen Lohnkosten. Den Abschluß bilden Hinweise auf die Gestaltung des Übergangsprozesses hinsichtlich der staatlichen Sozialpolitik und der Beteiligung von Werktätigen an den Unternehmen sowie der Unternehmensleitung. (IAB)

Economic growth of the Czech Republic differed strongly in two periods: 1996-1999 & 2000-2004. While in the first period the economy was hit by the recession & the average annual rate of growth of GDP reached only 0,9%, in the second period the growth accelerated to 3,2%. The economic growth measured by the indicators of real income (namely of real gross domestic income) was faster. This was caused by positive contribution of the terms of trade. On the supply side the main contributing factors were labor & total factor productivity. On the demand side the growth was pulled by domestic demand which grew even faster than GDP. The contribution of foreign trade becomes positive in the year 2004 & mainly in 2005. Macroeconomic stability of the Czech economy improved substantially in the fields of inflation, monetary development & foreign trade. Imbalances persist in general government budget & on the current account of the balance of payment. The process of real convergence accelerated in the years 2000-2004 & was based on the growth of labor & total factor productivity. In 2004 the GDP per capita in purchasing power standards surpassed 70% of the average level in EU-25. The comparative price level of the Czech Republic in this year reached only 53% despite accelerated process of catching-up. Tables, Graphs, References. Adapted from the source document.

Economic growth of the Czech Republic differed strongly in two periods: 2001-2003 and 2004-2006. While in the first period the average annual rate of growth of GDP reached only 2,7 %, in the second period the growth accelerated to 5,7%. The economic growth measured by the indicators of real income (namely of real gross domestic income) was faster. This was caused by positive contribution of the terms of trade. On the supply side the main contributing factors were labour and total factor productivity. On the demand side the growth was pulled by domestic demand which grew in the period 2001-2003 even faster than GDP. The contribution of foreign trade becomes positive in the years 2004-2006 with very strong contribution in the year 2005. Macroeconomic stability of the Czech economy improved substantially in the field of foreign trade. The trade balance becomes positive from the year 2004 and growing imbalance persists in the balance of income. The negative gap between savings and investments is caused mainly by households and general government. The process of real convergence accelerated in the years 2000-2006 and was based on the growth of labour and total factor productivity. In 2006 the GDP per capita in purchasing power standards reached almost 80% of the average level in EU-27. The comparative price level of the Czech Republic in this year reached only 61% despite accelerated process of catching-up. Adapted from the source document.