{
  "title": "Czech Republic: Staff Report for the 2015 Article IV Consultation",
  "publication": "IMF Staff Country Reports, July 23, 2015",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/czech-republic-staff-report-for-the-2015-article-iv-consultation-43108",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2016/12/31/czech-republic-staff-report-for-the-2015-article-iv-consultation-43108",
  "overlayPath": "/en/publications/cr/issues/2016/12/31/czech-republic-staff-report-for-the-2015-article-iv-consultation-43108/index.md",
  "summary": "The economy is growing strongly on account of improving domestic demand and robust exports. Fiscal policy has been supportive of the recovery and the authorities’ medium-term fiscal objective is appropriate, but fiscal framework legislation that would anchor policy is yet to be approved.",
  "sections": [
    {
      "heading": "Summary and Growth Outlook",
      "content": "- The economy is growing strongly on account of improving domestic demand and robust exports.\n- Inflation is still well below target despite central bank measures that have helped stem deflationary pressures.\n- The financial system is sound and resilient to shocks.\n- The challenge for the authorities is to safeguard macroeconomic stability and create conditions for strong and sustainable growth."
    },
    {
      "heading": "Fiscal Policy Findings and Recommendations",
      "content": "- Findings:\n  - Fiscal policy has been supportive of the recovery.\n  - The authorities’ medium-term fiscal objective is appropriate, but fiscal framework legislation that would anchor policy is yet to be approved.\n- Recommendations:\n  - Maintain a supportive fiscal stance this year, but embark on a modest and very gradual fiscal consolidation thereafter, consistent with the medium-term deficit objective.\n  - Embed the medium-term deficit objective in a comprehensive framework to enhance its effectiveness in anchoring fiscal policy.\n  - Improve budget composition:\n    - Higher capital spending to address infrastructure needs.\n    - Offset higher capital spending by efficiency gains in current expenditure.\n    - Improve revenue administration."
    },
    {
      "heading": "Monetary Policy Findings and Recommendations",
      "content": "- Findings:\n  - The central bank’s use of an exchange rate floor as an additional instrument, in the context of the inflation-targeting framework, has helped stem deflationary pressures.\n- Recommendations:\n  - Continue to focus on inflation targeting in policymaking and communication.\n  - Maintain supportive monetary conditions until deflation risks recede and inflation expectations become entrenched around the inflation target.\n  - Consider carefully the timing and mechanics of the eventual normalization of monetary policy."
    },
    {
      "heading": "Financial Sector Guidance",
      "content": "- Findings:\n  - The financial system is sound and resilient to shocks.\n- Recommendation:\n  - Remain vigilant and be ready to address possible risks to financial stability."
    },
    {
      "heading": "Structural Reform Priorities",
      "content": "- Remove impediments to higher potential growth, including:\n  - Policies to increase labor market participation of certain segments of the population.\n  - Enhance investment in human and physical capital.\n  - Improve the business climate.\n\n---\n\n Content in this bundle\n\n- cr15198\n  - cr15198 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr15198 (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/cr/issues/2016/12/31/czech-republic-staff-report-for-the-2015-article-iv-consultation-43108/index.md)",
    "[Structured JSON version](/en/publications/cr/issues/2016/12/31/czech-republic-staff-report-for-the-2015-article-iv-consultation-43108/index.json)",
    "[Bundle manifest](/en/publications/cr/issues/2016/12/31/czech-republic-staff-report-for-the-2015-article-iv-consultation-43108/bundle-manifest.json)",
    "Published: July 23, 2015",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513583655.002",
    "The economy is growing strongly on account of improving domestic demand and robust exports.",
    "The financial system is sound and resilient to shocks.",
    "The challenge for the authorities is to safeguard macroeconomic stability and create conditions for strong and sustainable growth.",
    "Findings:",
    "Recommendations:",
    "Findings:",
    "Recommendations:",
    "Findings:",
    "Recommendation:",
    "Remove impediments to higher potential growth, including:",
    "**_cr15198**"
  ],
  "related": [
    {
      "title": "_cr15198",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2015/_cr15198.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2015/_cr15198.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2015/_cr15198.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/cr/issues/2016/12/31/czech-republic-staff-report-for-the-2015-article-iv-consultation-43108/index.md",
    "json": "/en/publications/cr/issues/2016/12/31/czech-republic-staff-report-for-the-2015-article-iv-consultation-43108/index.json",
    "bundleManifest": "/en/publications/cr/issues/2016/12/31/czech-republic-staff-report-for-the-2015-article-iv-consultation-43108/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-14T02:17:13.66Z"
}