Czech Republic PESTLE Insights – A Macroeconomic Outlook Report
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Czech Republic PESTLE Insights Report Overview
The Czech Republic was ranked 28th of 153 nations in the GCRI Q3 2023. The country’s GDP was $334 billion in 2023. On January 4, 2023, the Czech government endorsed legislation, setting defense expenditure at a minimum of 2% of the GDP in alignment with the NATO alliance commitment. To counter the shortage of skilled workers in the labor market, the Czech government, in October 2023, sanctioned a proposal by the Ministry of Industry and Trade. This initiative involves raising quotas for foreign workers from third countries by 20,000 in 2024. The initiative aims to boost the Czech Republic’s GDP, fortify the labor market, and enhance state budget revenue. Targeted areas for this effort encompass roles such as IT specialists, developers, software engineers, doctors, nurses, machine operators, assembly workers, bricklayers, and various others.
Key Sector’s Contribution to the Czech Republic Economy (2019-2026)
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GDP in 2023 | $334 Billion |
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Czech Republic Macroeconomic Outlook - PESTLE Insights
Political Landscape
The Czech Republic has performed well in its transition to democracy and multiparty politics. According to the World Bank, Worldwide Governance Indicators (2023), the country was ranked in the 80.7 percentile in terms of the voice and accountability parameter in 2022. This parameter reflects perceptions of the extent to which a country’s citizens can participate in selecting their government.
Economic Landscape
In 2022, Czech car production grew significantly. In 2023, the Czech Republic experienced a prominent growth in imports. Conversely, the volume of exports, according to the IMF, exhibited more than 5% growth in 2023. Furthermore, the country’s annual inflation rate decelerated in December 2023, marking a three-month low.
Social Landscape
The Czech Republic, in collaboration with various ministries, has released its 2022 report on migration and integration of foreigners. A predominant trend was the notable arrival of individuals displaced from Ukraine, granted temporary protection by year-end. In relative terms, the Czech Republic became the EU’s primary recipient of Ukrainian refugees.
Technological Landscape
The Czech Republic ranked seventh on the high-tech imports, of total trade. According to the European Innovation Scoreboard (2023), the Czech Republic’s relative strength included public-private co-publications, product innovators, business process innovators, and non-R&D innovation expenditures. The country introduced the Education Policy Strategy for 2020-30. The policy aims to develop a roadmap toward a digital education system in the Czech Republic. In addition, the ministry of the country seeks to modernize, equip, and guide schools, introduce digital technologies, promote innovation, amplify the volume of learning, and implement new methods to acquire knowledge and skills.
Legal Landscape
In September 2023, the government approved a legislative amendment regarding the Right to Digital Services in the Czech Republic. It allows citizens to securely save and utilize a digital representation of their national identity card within a smartphone’s digital wallet.
Environmental Landscape
As of November 2023, Czech companies united in the Alliance for an Emission-Free Future, are driving sustainability by transitioning to low-carbon operations. CEZ, a major power supplier, leads the charge with plans to convert heating plants to natural gas by 2029. This collective effort signifies a notable shift in Czech businesses toward carbon neutrality, emphasizing their commitment to a zero-carbon approach for a competitive and environmentally resilient future.
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Scope
In October 2023, a loan agreement worth CZK24 billion ($1 billion) was signed between the European Investment Bank (EIB) and Czech Republic, to develop the country’s rail network.
Key Highlights
The PX index has been on a volatile trend. As of January 3, 2024, the index stood at 1,414.0, compared to 1,218.9 on January 03, 2023.
Reasons to Buy
- Macroeconomic Outlook Report identifies the potential of the country as an investment destination by analyzing the political, economic, social, technological, legal, and environmental (PESTLE) structure.
- PESTLE Insights provides a 360-degree view of the economy which can be used as a strategic tool to understand the market dynamics, business potentials, and direction of operations
- Along with providing the country’s snapshot, the report captures the risk factors about the macroeconomic risks, political environment, legal environment, demographic and social structure effectiveness, technology & infrastructure, and natural and geographic aspects that might impact business.
- This report also highlights key clusters/cities which contribute significantly to the country’s GDP and population along with major companies’ presence in these areas.
Avia
CEZ Group
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Frequently asked questions
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What was the Czech Republic’s GDP in 2023?
The Czech Republic’s GDP was $334 billion in 2023.
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What was the Czech Republic’s rank in the GCRI Q3 2023?
The Czech Republic was ranked 28th of 153 nations in the GCRI Q3 2023.
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What initiatives did the Czech government take to counter the shortage of skilled laborers?
To counter the shortage of skilled workers in the labor market, the Czech government, in October 2023, sanctioned a proposal by the Ministry of Industry and Trade. This initiative involves raising quotas for foreign workers from third countries by 20,000 in 2024.
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