CSSD Majority To Have Marginal Effect

The Czech Senate elections, in which the Social Democrats (CSSD) gained a majority, are likely to produce a moderating influence over the government's austerity drive. However, this will not be due to the political power which the CSSD now holds but electoral considerations by the ruling coalition. We upgrade our 2011 real GDP growth forecast to 2.7%, from 2.3% previously, on the expectation that the government's austerity drive will be somewhat curtailed.

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