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Czech growth to disappoint as eurozone recession hits

The very high household saving rate in Czechia and the sharp fall in inflation we expect there this year means there is scope for consumer spending to recover over the coming quarters. But we think consumers will still exercise caution and that a euro-zone recession will weigh on the export sector. Our forecast for the Czech economy to contract by 0.5% in 2023 is below the consensus and central bank’s forecast.

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