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OECD Economic Surveys: Czech Republic - Vassar …

ECONOMICS ISBN 92-64-19138-010 2001 04 1 RepublicEconomic SurveysAustralia, January 2000 Austria, May 1999 Belgium, March 2001 Canada, August 2000 Czech Republic , July 2001 Denmark, July 2000 Euro Area, May 2001 Finland, July 2000 France, July 2000 Germany, May 2001 Greece, February 2001 Hungary, November 2000 Iceland, June 2001 Ireland, June 2001 Italy, May 2000 Japan, December 2000 Korea, September 2000 Luxembourg, February 2001 Mexico, July 2000 Netherlands, March 2000 New Zealand, December 2000 Norway, February 2001 Poland, May 2001 Portugal, April 2001 Slovak Republic , February 1999 Spain, January 2000 Sweden, March 2001 Switzerland, December 2000 Turkey, February 2001 United Kingdom, June 2000 United States, May 2000 Non-Member EconomiesBaltic States, February 2000 Brazil, June 2001 Bulgaria, April 1999 Romania, February 1998 Russian Federation, March 2000 Slovenia, May 19972001, No.

ECONOMICS « ISBN 92-64-19138-0 10 2001 04 1 P www.oecd.org Czech Republic Economic Surveys Australia, January 2000 Austria, May 1999 Belgium, March 2001

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Transcription of OECD Economic Surveys: Czech Republic - Vassar …

1 ECONOMICS ISBN 92-64-19138-010 2001 04 1 RepublicEconomic SurveysAustralia, January 2000 Austria, May 1999 Belgium, March 2001 Canada, August 2000 Czech Republic , July 2001 Denmark, July 2000 Euro Area, May 2001 Finland, July 2000 France, July 2000 Germany, May 2001 Greece, February 2001 Hungary, November 2000 Iceland, June 2001 Ireland, June 2001 Italy, May 2000 Japan, December 2000 Korea, September 2000 Luxembourg, February 2001 Mexico, July 2000 Netherlands, March 2000 New Zealand, December 2000 Norway, February 2001 Poland, May 2001 Portugal, April 2001 Slovak Republic , February 1999 Spain, January 2000 Sweden, March 2001 Switzerland, December 2000 Turkey, February 2001 United Kingdom, June 2000 United States, May 2000 Non-Member EconomiesBaltic States, February 2000 Brazil, June 2001 Bulgaria, April 1999 Romania, February 1998 Russian Federation, March 2000 Slovenia, May 19972001, No.

2 13 July 2001 OECD Economic SurveysCzech RepublicJuly 2001 OECD Economic Surveys Czech REPUBLICISSN 0376-64382001 SUBSCRIPTION(18 ISSUES)ECONOMICSS pecial Features: Fiscal PolicyPublic ExpenditureStructural Reform-:HSTCQE=V^VX]^:OECDECONOMICSURVEY S2000-2001 Czech RepublicORGANISATION FOR Economic CO-OPERATION AND Page 1 Thursday, July 19, 2001 11:56 AMORGANISATION FOR Economic CO-OPERATION AND DEVELOPMENTP ursuant to Article 1 of the Convention signed in Paris on 14th December 1960, andwhich came into force on 30th September 1961, the Organisation for Economic Co-operationand Development (OECD) shall promote policies designed: to achieve the highest sustainable Economic growth and employment and a risingstandard of living in Member countries, while maintaining financial stability, andthus to contribute to the development of the world economy; to contribute to sound Economic expansion in Member as well as non-membercountries in the process of Economic development; and to contribute to the expansion of world trade on a multilateral, non-discriminatorybasis in accordance with international obligations.

3 The original Member countries of the OECD are Austria, Belgium, Canada, Denmark,France, Germany, Greece, Iceland, Ireland, Italy, Luxembourg, the Netherlands, Norway,Portugal, Spain, Sweden, Switzerland, Turkey, the United Kingdom and the UnitedStates. The following countries became Members subsequently through accession atthe dates indicated hereafter: Japan (28th April 1964), Finland (28th January 1969),Australia (7th June 1971), New Zealand (29th May 1973), Mexico (18th May 1994),the Czech Republic (21st December 1995), Hungary (7th May 1996), Poland(22nd November 1996), Korea (12th December 1996) and the Slovak Republic (14th December 2000).

4 The Commission of the European Communities takes part inthe work of the OECD (Article 13 of the OECD Convention). Publi galement en fran ais. OECD 2001 Permission to reproduce a portion of this work for non-commercial purposes or classroomuse should be obtained through the Centre fran ais d exploitation du droit de copie (CFC),20, rue des Grands-Augustins, 75006 Paris, France, Tel. (33-1) 44 07 47 70, Fax (33-1) 46 34 67 19,for every country except the United States. In the United States permission should beobtained through the Copyright Clearance Center, Customer Service, (508)750-8400,222 Rosewood Drive, Danvers, MA 01923 USA, or CCC Online: All otherapplications for permission to reproduce or translate all or part of this book should be madeto OECD Publications, 2, rue Andr -Pascal, 75775 Paris Cedex 16, France.

5 Page 2 Thursday, July 19, 2001 11:56 AM OECD 2001 Table of contentsAssessment and recommendations9I. Recent Economic events 23 Moderate recovery after a prolonged recession 23A shrinking labour force 28 Inflation continues to be influenced by one-off factors 32 Worsening external balance 34 The short-term outlook 35II. Macroeconomic policy 43 Overview43 Monetary policy 43 Fiscal policy 53 Assessment 67 III. Improving the efficiency and sustainability of public expenditure 69 Public expenditure in the Czech Republic70 Expenditure management 81 Policy challenges98 Summing up111IV. Progress in structural reforms 115 Product markets 123 Financial markets 137 Labour markets 151 Public sector164 Notes171 Glossary 180 Bibliography 181 AnnexesI.

6 Government accounts183II. Chronology of main Economic events 185 Statistical annex and structural indicators 189 Page 3 Thursday, July 19, 2001 11:56 AM4 OECD Economic Surveys: Czech Republic OECD 2001 Boxes1. The new Central Bank Act 462. OECD adjustments to the GFS accounts 713. The State Budget process 824. Extra-budgetary Funds 865. Powers and responsibilities of the new regional governments 896. New Act on Budgetary Rules 937. Programme Financing Initiatives 948. Introducing a Medium-Term Expenditure Framework 1029.

7 Enhancing flexibility in public management 10910. Summary of recommendations 11211. The IPB collapse 14412. Principal features of the KCP Corporate Governance code 149 Tables1. Quarterly gross domestic product 24 2. Value added by sector 273. Employment by sector 31 4. Wage and productivity developments 32 5. Balance of payments 36 6. Short-term projections 40 7. Money and credit 51 8. Various measures of the government budget deficit 54 9. Consolidated general government revenues and expenditures (OECD basis) 5710. Structural and cyclical balance estimates5811. Consolidated outstanding gross public debt public liabilities 5913. The State Budget, proposals and outcomes 6014.

8 Local government revenues and expenditures 6215. Medium-term outlook 6616. General government outlays by Economic category in OECD countries 7517. Subsidies as defined in the state budget 7618. General government employment in selected OECD countries7719. Structure of government outlays by function 7820. Tax expenditure spending 8422. Expenditure by level of government loan guarantees by risk category 9524. Structural surveillance 12626. Participation of the National Property Fund in strategic companies 12927. Foreign direct investment net inflows 13528. Financial conditions in industry 13629. Banking indicators by bank type : main indicators 14131.

9 PES staffload indicators by region 15732. Benefit recipients by income support scheme 15833. Net replacement rates of the unemployed 16034. The minimum living standard and the minimum wage Page 4 Thursday, July 19, 2001 11:56 AMTable of contents5 OECD 2001 AnnexA1. Components of the general government deficit and various deficit definitions 184 Statistical annex and structural indicators. background and use of market and of government revenue and markets195 Figures1. Macroeconomic performance 252. Sectoral shares in value added 263. Employment, unemployment and the labour force 294. Regional labour market performance 305. Price developments 336.

10 Trade and current account balance 347. International trade 378. Share prices 389. Private sector sentiment 3910. Inflation performance 4511. Interest rate developments 4812. Monetary conditions 5013. Credit developments by client 5114. Medium-term fiscal projections 6515. General government expenditure and receipts 7216. General government spending and income levels 7317. General government outlays by Economic category 7418. General government primary expenditure 7419. Pension spending under various indexation rules 8520. Expenditure shares in general government 9921. Social transfers and the distribution of income 10622. Classified credits by quality 14023.


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