Czech Republic Economy

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Beginning in the mid nineteenth century , the Czech Republic was one of the most industrialized countries in Europe. The leading industries are textiles, food processing , mining, metallurgy, mechanical engineering. In 1861, the length of the railway network was okolo700 km, and 90 years already - 4596 km . In 1869 he opened the first national Czech bank - Bank Zhivnostensky.

In the twentieth century continued industrial development of the Czech Republic. Before World War II , Czechoslovakia was one of the most developed countries of the world . In 1937, annual per capita income of the country was the same as in France and Italy exceeded the level . Czechs remember it well and seek again in the near future to achieve this position.

After the "Velvet Revolution" in 1989 in the country were carried out wide-ranging economic reforms, which were the basis of the voucher privatization of enterprises, attracting foreign investors ,liberalization of prices and foreign trade, the devaluation of the Czech koruna. As a result of the reforms has been an increase in industrial production, increased the pace of investment. However, errors in the reform process, led to a significant decline in economic development and GDP decrease. In 1997 the growth of the Czech economy slowed down, the country entered a period of stagnation, which has now been overcome. During reforms gross financial savings to GDP in the Czech Republic reached 24 %, while in the EU, this value is 20%. Mechanical engineering, electrical engineering industry, chemical industry, textile and garment industry is the most developed industries of the Czech Republic. Czech Republic is considered the richest country in Central Europe, the most industrialized and the lowest share of agriculture in its gross domestic product. Among the post - communist states Czech Republic currently holds the second place in terms of life after Slovenia.

Czech Republic today - is a developed nation, whose economy is built on the principles of open free market. Experts predict a bright future economy of the Czech Republic. Their predictions are based on the state legal system, attracting foreign investment firm guarantees the safety of their investments in the country to a developed infrastructure and skilled manpower available.