ČBA increases economic growth estimate to 2.4%

Published: 16.08.2022 Related countries:  Japan Japan

Banks’ chief economists represented in the forecast panel of the Czech Banking Association (ČBA) have increased their estimate for the country’s economic growth in 2022 from 1.8% to 2.4%.

Mainly due to a more positive development in the first half-year, whereas they expect a transition to slight recession in the second half of 2022 that can continue even at the beginning of 2023. Therefore, next year’s growth forecast was lowered from almost 3% to 1%. However, forecast risks remain significant due to the ongoing war and development of the energy market. In 2023, they estimate inflation at 8% and around 4% at the end of 2023. This year, wages should grow 7% and should do so at a similar pace next year as well.