Raiffeisenbank predicts GDP to drop by 7.6%

(ČIA) The Czech Republic’s economy will drop by approx. 7.6% in 2020, according to a forecast by Raiffeisenbank, which counts on a GDP drop exceeding 9% in the case of the pandemic’s second wave. The unemployment rate should increase 2.0 pp to 4.8%. Overall, the crisis related to COVID-19 can deprive the local economy of 270,000 to 340,000 jobs and significantly slow down the increase of wages. The average inflation in 2020 should be 2.5%. At the end of the year, consumer prices should be 1.7% higher y/y.



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