{
  "title": "Czech Republic: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Czech Republic",
  "publication": "IMF Staff Country Reports, July 7, 2016",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/czech-republic-2016-article-iv-consultation-press-release-staff-report-and-statement-by-the-44043",
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  "summary": "A favorable external environment, high utilization of EU funds, and supportive macroeconomic policies have boosted economic growth. The authorities’ medium-term fiscal objective is appropriate, but fiscal framework legislation that would anchor policy is yet to be approved by parliament.",
  "sections": [
    {
      "heading": "Growth and external environment",
      "content": "- A favorable external environment, high utilization of EU funds, and supportive macroeconomic policies have boosted economic growth.\n- Keywords highlighted: EU fund absorption, EU funds, External sector statistics."
    },
    {
      "heading": "Fiscal policy and public finances",
      "content": "- The authorities’ medium-term fiscal objective is appropriate.\n- Fiscal framework legislation that would anchor policy is yet to be approved by parliament.\n- Subjects: Fiscal policy, Fiscal stance, Public debt, Public financial management (PFM)."
    },
    {
      "heading": "Monetary policy and inflation",
      "content": "- The central bank’s use of an exchange rate floor to achieve its inflation target has helped stem deflationary pressures.\n- Inflation is still well below target.\n- Keywords highlighted: Exchange rates, Foreign exchange, headline inflation, inflation expectation, monetary policy rate, indexation."
    },
    {
      "heading": "Financial sector resilience",
      "content": "- The financial system is sound and resilient to shocks.\n- Subjects: Financial and economic statistics, ISCR (implied in keyword list)."
    },
    {
      "heading": "Policy recommendations and priorities",
      "content": "- Policies should aim at comprehensively addressing obstacles to strong and sustained growth, while safeguarding macroeconomic stability.\n- Emphasis areas implied by the report: strengthen fiscal anchoring through legislative approval of fiscal framework, continue supportive macroeconomic policies, and maintain measures addressing inflation shortfalls.\n\nSource: Czech Republic: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Czech Republic\n\n---\n\n Content in this bundle\n\n- Cr16213\n  - Cr16213 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Cr16213 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: July 7, 2016",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781475568011.002",
    "A favorable external environment, high utilization of EU funds, and supportive macroeconomic policies have boosted economic growth.",
    "Keywords highlighted: EU fund absorption, EU funds, External sector statistics.",
    "The authorities’ medium-term fiscal objective is appropriate.",
    "Fiscal framework legislation that would anchor policy is yet to be approved by parliament.",
    "Subjects: Fiscal policy, Fiscal stance, Public debt, Public financial management (PFM).",
    "The central bank’s use of an exchange rate floor to achieve its inflation target has helped stem deflationary pressures.",
    "Keywords highlighted: Exchange rates, Foreign exchange, headline inflation, inflation expectation, monetary policy rate, indexation.",
    "The financial system is sound and resilient to shocks.",
    "Subjects: Financial and economic statistics, ISCR (implied in keyword list).",
    "Policies should aim at comprehensively addressing obstacles to strong and sustained growth, while safeguarding macroeconomic stability.",
    "Emphasis areas implied by the report: strengthen fiscal anchoring through legislative approval of fiscal framework, continue supportive macroeconomic policies, and maintain measures addressing inflation shortfalls.",
    "**Cr16213**"
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