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Šticky, Jiří
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2 articles of this author have been cited in the European Press Review so far.
EU forecast for economic slowdown in Europe
The EU Commission yesterday predicted a dramatic economic slowdown for the 27 member countries, with the exceptions of the Czech Republic, Poland, and Slovakia. The liberal daily Mladá fronta DNES comments: "It is worse than we expected, was the message from Brussels. The original prediction, a symbolic 0.2 percent growth rate, has been revised to warnings of an almost two percent drop. But amidst all the bad news the trio formed by the Czech Republic, Slovakia and Poland remains an island of growth. It would be great news if the forecast of 1.7 percent growth for the Czechs were fulfilled. ... However, the two most important motors for the Czech economy - the 'standing' auto industry and Germany - are expecting their deepest downswing since the end of World War II. There's no sign of a speedy recovery - and we will feel the consequences."
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More from the press review on the subject » Economic Policy, » Europe
Czech koruna heavy burden for companies
Siemens has announced plans to close down its plant in Prague, as a result of which more than 1000 jobs will be lost. The liberal daily Mladá fronta DNES fears that Siemens will not be the only company to take such measures: "Even the closure of such a major company will not endanger the Czech economy, and the workers will find new jobs in Prague or elsewhere. Nonetheless, it will be difficult to attract new companies if the big firms start packing their bags and leaving." According to the newspaper the main reason for the exodus is the extremely strong Czech koruna. "Foreign firms that calculate in euros or dollars have seen their wage and salary costs rise by up to 40 percent owing to the [current strength of the] koruna. In this kind of environment only few would hesitate to make a move. It could also hit firms that under other circumstances would stay in the Czech Republic and prosper for years to come."
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More from the press review on the subject » Corporations, » Economic Policy, » Financial Markets, » Czech Republic
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