Macroeconomic Forecast Czech Republic

Unemployment in the Czech Republic came in at 8.6% in November, up from 8.5% in the previous month. The continuing uptick in the jobless rate, which has risen from 6.8% in January 2009, reflects the extent to which the Czech Republic has been hit by the global economic downturn, with export volumes falling in line with deteriorating external demand. That said, with a moderate recovery pencilled in for this year, we expect unemployment to fall to 7.0% by end-2010. Beyond that, we see employment prospects continuing to improve, and forecast a jobless rate of 5.5% by

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