The Czech economy, like most economies around the world, was still being affected by the COVID-19 pandemic in 2021. Government budgets again ended in a large deficit, even though the economy returned to a growth path. This was due mainly to the adoption of a range of structural revenue and expenditure measures, some of which…
The 2022 Report on the Long-Term Sustainability of Public Finances (the “Report”) was prepared at a time when the economy had recovered from the immediate consequences of the COVID-19 pan- demic. However, the pandemic significantly affected public finances on both the revenue and expenditure side. Scarcely had the situation started to calm down after the…
8 September 2022, Pursuant to Section 21(2) (a) of Act No. 23/2017 Coll., on budgetary responsibility rules, as amended, the Czech Fiscal Council monitors the development of public sector finance. Within the framework of that work, it also strives to identify risks and threats that may have an adverse impact on public budget stability in…
9 June 2022, Pursuant to Act No. 23/2017 Coll., on budgetary responsibility rules, Section 21(2)(a), the Czech Fiscal Council (CFC) monitors the development of public sector finance. Within the framework of that work, it also strives to identify risks and threats that may have an adverse impact on public budget stability in the short-term, medium-term,…
Pursuant to Act No. 23/2017 Coll., on budgetary responsibility rules, Section 21(2)(a), the Czech Fiscal Council monitors the development of public sector finance. Within the framework of that work, it also strives to identify risks and threats that may have an adverse impact on public budget stability in the short-term, medium-term, and long-term. Since September…
Pursuant to Act No. 23/2017 Coll., on budgetary responsibility rules, Section 21(2)(a), the Czech Fiscal Council monitors the development of public sector finance. Within the framework of that work, it also strives to identify risks and threats that may have an adverse impact on public budget stability in the short-term, medium-term, and long-term. Since September…
The Czech economy, like most economies around the world, was hit hard by the COVID-19 pandemic in 2020. The ensuing economic contraction and the revenue and expenditure measures taken to mitigate the negative impacts of the crisis gave rise to a large public finance imbalance. All this affected the levels of the indicators monitored in…
Pursuant to Act No. 23/2017 Coll., on budgetary responsibility rules, Section 21(2)(a), the Czech FiscalCouncil monitors the development of public sector finance. Within the framework of that work, it alsostrives to identify risks and threats that may have an adverse impact on public budget stability in theshort-term, medium-term, and long-term. Since September 2018, the Czech…
Pursuant to Act No. 23/2017 Coll., on budgetary responsibility rules, Section 21(2)(a), the Czech Fiscal Council monitors the development of public sector finance. Within the framework of that work, it also strives to identify risks and threats that may have an adverse impact on public budget stability in the short-term, medium-term, and long-term. Since September…
The current Czech Fiscal Council Report on the Long-Term Sustainability of Public Finances shows what impact a short period of expansionary fiscal policy and changes to the fiscal rules can have on the long-term sustainability of public finances. Although the projection in the Report covers a 50-year timescale, the initial conditions set today are fundamental…
Pursuant to Act No. 23/2017 Coll., on budgetary responsibility rules, Section 21(2)(a), the Czech Fiscal Council monitors the development of public sector finance. Within the framework of that work, it also strives to identify risks and threats that may have an adverse impact on public budget stability in the short-term, medium-term, and long-term. Since September…
