Czech Republic
The government of the Czech Republic faced a political and financial crises in1997 shattered their image as one of the most stable and prosperous post-Communiststates. This somewhat new republic, despite the financial tribulation, has been able toreduce their inflation to 10 percent, formed a balanced budget, and hold unemploymentdown to only 3 percent, since their break away from the former Czechoslovak federationon January 1, 1993. The country's gross domestic product (GDP) expanded in 1994 afterlosses of nearly 20% during the first few years of the 1990's. The Czech Republic's GDPis currently about $120.8 billion according to a 1999 estimate, and the GDP per capita isThe lands of the Czech Republic have always been a part of the most economicallymodern areas within the European continent. The Communists, when they obtainedCzechoslovakia in 1948, created an economic system that was greatly centralized on thegovernment. Nearly all aspects of the Czech economy was controlled by the nationalgovernment. This government regulated economy also removed almost all externalinfluence by non-Communistic countries. Though the Czech economy held stro
In 1999 imports were valued at $29 billion andexports at $26. Now, agriculture plays a relatively small role inthe nation's export industry. Imports included energy and raw materials (especially oil andnatural gas), machinery, automobiles, iron and other ores, telecommunications equipment,and pharmaceuticals. Communist Czechoslovakia's foreign trade was conducted only with the USSR andother Communist states, but only by 1992 the country was trading mainly with developedWestern nations. Once the final remains of Communismwas scraped out in 1989, a collapse of Czechoslovakia was inevitable because the legacyleft behind would be incredibly hard to deal with for the new leaders of this new state. Due to limited resources, the Czech Republic must import the bulk of its energysupply. Business boomed in the capital of Prague and other cities in the mid-1990s asnew companies were established by venturing entrepreneurs. The principal products of the CzechRepublic today are woven fabrics, paper, crude steel, pig iron, and footwear; cheese andbeer are important processed foods. Pre-Communist Czechoslovakia was mainly a producer of light industrial goods,including textiles, footwear, porcelain, and glass. Czechoslovakia became aproducer of steel, machinery, and weapons from this industrial change. Thecountry has many trade unions which are tied together through the Czech-MoravianChamber of Trade Unions, which was founded in 1990 with headquarters in Prague.
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Acceptance Essays
