(CIANEWS) - The Czech economy will contract by about 0.3% in 2023 on annualised basis, with a return to growth (2.2%) expected in 2024. Inflation has already peaked, and is expected to fall to single digits in H2 2023. It will fall to the inflation target in H1 2024 (2.1%). Average inflation this year is expected to be 10.8%. This is according to the forecast of the Czech National Bank (CNB), which presented it to the Budget Committee of the Chamber of Deputies as part of its annual report. The losses in the central economy for 2022 were mainly caused by the fight against inflation. According to an April forecast by the Ministry of Finance (MF), the Czech economy is expected to grow by 0.1% in 2023 after 2.5% in 2022. In 2024, the pace could accelerate to 3.0%.