2008 Budget Approved

September 2007 | Risk Summary

The Czech parliament approved the government's draft 2008 budget proposal on September 19, paving the way for a reduction in the fiscal deficit to 2.95% of GDP at the end of 2008 (down from a projected four-year record high of 4.10% of GDP in 2007). As highlighted before, although the new 2008 budget is an important step in the right direction for reforming the country's public finances, we believe that due to the unstable political situation (the government only controls half of the parliament's 200 seats), and the risk of early elections, a change in fiscal policy and higher public

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