MF: OECD recommends CR to revise taxes, cut expenses

(CIANEWS) - The economic growth of the Czech Republic will be subdued in 2023. As a result, inflation will start dropping from the current very high levels, but it will only reach the 2% target at the end of 2024. This also appears from the Czech Republic’s Economic Overview 2023, presented on March 30, 2023, in Prague by Prime Minister Petr Fiala (ODS) and Organisation for Economic Co-operation and Development (OECD) Secretary-General Mathias Cormann. To ensure long-term fiscal sustainability, the OECD recommends a combination of consolidation measures on the part of income, including a comprehensive review of the tax mix and cutting down expenses, including the pension system. Finance Minister Zbyněk Stanjura (ODS) commented that a savings consolidation package was currently being prepared that would lower the structural deficit by 1% of GDP, i.e., at least by CZK 70bn, as of 2024. This information was provided by the Czech Ministry of Finance (MF).



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