{
  "title": "Czech Republic: 2008 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Czech Republic",
  "publication": "IMF Staff Country Reports, April 14, 2009",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/czech-republic-2008-article-iv-consultation-staff-report-staff-statement-public-information-22878",
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  "summary": "Growth in the Czech Republic is projected to slow sharply in 2009 amid a gathering recession abroad and tightening credit at home. This 2008 Article IV Consultation highlights that the shrinking demand from the euro area, especially Germany, will curtail exports and direct investment inflows.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Growth in the Czech Republic is projected to slow sharply in 2009 amid a gathering recession abroad and tightening credit at home.\n- The 2008 Article IV Consultation highlights that shrinking demand from the euro area, especially Germany, will curtail exports and direct investment inflows.\n- Executive Directors praised the generally strong fundamentals that have helped the Czech economy weather the initial spillover effects of the global financial crisis relatively well.\n- Directors supported the Czech National Bank’s recent decisions to cut the policy interest rate."
    },
    {
      "heading": "External demand and capital flows",
      "content": "- Shrinking demand from the euro area, with particular emphasis on Germany, is identified as a primary driver of the projected slowdown in 2009.\n- Expected impacts include curtailed exports and reduced direct investment inflows."
    },
    {
      "heading": "Domestic financial conditions",
      "content": "- Tightening credit at home is noted as a contributing factor to the sharp slowdown projected for 2009.\n- The Czech National Bank’s recent policy interest rate cuts received support from Executive Directors."
    },
    {
      "heading": "Policy assessment and implications",
      "content": "- Strength of fundamentals: Executive Directors judged that generally strong fundamentals mitigated initial spillovers from the global financial crisis.\n- Monetary policy: Directors supported the Czech National Bank’s recent decisions to cut the policy interest rate as a response to deteriorating external conditions and domestic credit tightening."
    },
    {
      "heading": "Key terms and subjects covered",
      "content": "- Balance of payments, Banking, Credit, Current account balance, External debt, Inflation, Money, Prices, Public debt.\n- Keywords included: CR, Credit, Current account balance, Czech authorities, deficit, economy, Europe, exchange rate criterion, fund staff estimate, Global, Inflation, ISCR, staff appraisal, staff Proj, staff Proj.\n\nCzech Republic: 2008 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Czech Republic\n\n---\n\n Content in this bundle\n\n- cr09122\n  - cr09122 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr09122 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: April 14, 2009",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451810288.002",
    "Growth in the Czech Republic is projected to slow sharply in 2009 amid a gathering recession abroad and tightening credit at home.",
    "The 2008 Article IV Consultation highlights that shrinking demand from the euro area, especially Germany, will curtail exports and direct investment inflows.",
    "Executive Directors praised the generally strong fundamentals that have helped the Czech economy weather the initial spillover effects of the global financial crisis relatively well.",
    "Directors supported the Czech National Bank’s recent decisions to cut the policy interest rate.",
    "Shrinking demand from the euro area, with particular emphasis on Germany, is identified as a primary driver of the projected slowdown in 2009.",
    "Expected impacts include curtailed exports and reduced direct investment inflows.",
    "Tightening credit at home is noted as a contributing factor to the sharp slowdown projected for 2009.",
    "The Czech National Bank’s recent policy interest rate cuts received support from Executive Directors.",
    "Strength of fundamentals: Executive Directors judged that generally strong fundamentals mitigated initial spillovers from the global financial crisis.",
    "Monetary policy: Directors supported the Czech National Bank’s recent decisions to cut the policy interest rate as a response to deteriorating external conditions and domestic credit tightening.",
    "Keywords included: CR, Credit, Current account balance, Czech authorities, deficit, economy, Europe, exchange rate criterion, fund staff estimate, Global, Inflation, ISCR, staff appraisal, staff Proj, staff Proj.",
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