Economists in the Czech Republic have indicated the country’s economy is dependent on the development and growth of the Western European economy, according to a new poll published by the Czech News Agency. Economic growth is expected to slow to 2 percent for 2009, with some economists predicting an even great slowing to 1 percent.
CSOB analyst Petr Dufek noted that “The main factor which will set the direction of the Czech economy next year will be the development in Western Europe.” He continued, “The recession which Europe is going through will continue and will have an even bigger impact on the results of the Czech economy that it has now at least in the first half of the year.”
Some analysts are looking to the CNB to cut interest rate as low 1.5 percent, which will help to lower mortgage rates as well.
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