Economic Transformation of the Czech Republic
Of all of the former-communist states in Eastern Europe, the Czech Republic has perhaps had one of the most interesting and promising transformations to a market-system economy. Until a currency crisis in 1997, the Czech Republic was considered a role model transforming Eastern European nation. During the years that followed the Velvet Revolution, the Czech Republic’s economy flourished, reporting very impressive data and employment statistics. However, the good times did not last, and the economy has struggled in recent years. Today, while the economy continues to recover from its downturn in the late 1990’s, the Czech Republic remains one of the most interesting Eastern European economies. The Czech people are determined to return the republic to its pre-WWII position as a genuine European power.In the mid 1990s, the outlook for the Czech Republic was very bright. The Czech Republic was considered to be a notable political and economic success story among the former East Bloc nations, boasting a stable currency, low unemployment, low national debt, relatively low inflation, and strong foreign currency reserves. For almost every after since 1989, when Czechoslovakia gained its freedom, its GDP had grown. Levels of unemplo
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Approximate Word count = 941
Approximate Pages = 4 (250 words per page double spaced)
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