Czech Republic among most bureaucratic of OECD counties for doing business; Inflation hit two-year high this August; Czech Finance Minister rejects French proposal on EU structural funds; Current account deficit up 15.2bn crowns from Q1 2004; Building entrepreneurs rally against CEZ electricity price hike.
Czech Republic among most bureaucratic of OECD counties for doing business
According to a new report by the World Bank, "Doing Business in 2005: Removing Obstacles to Growth," which ranks the business climate in 145 countries, overall the Czech Republic ranks among the top 40 best countries in which to do business. However, among OECD countries, the Czech Republic remains among the most bureaucratic, the report found. Entrepreneurs in the Czech Republic can expect to go spend 40 days and go through 10 administrative steps to launch a new business, for example, whereas in the OECD countries it takes on average 25 days. Closing a business here takes 9.2 years as compared to 1.7 years on average in other OECD countries.
Inflation hit two-year high this August
Czech Finance Minister rejects French proposal on EU structural funds
The Czech Republic was among several countries to reject a proposal by French Finance Minister Nicolas Sarkozy to axe European Union structural funds for new EU member countries whose taxes are lower than the European average. Czech Finance Minister Bohuslav Sobotka is expected to voice formal opposition to the measure this Friday during an Ecofin meeting of EU economy and finance ministers in Brussels.
Current account deficit up 15.2bn crowns from Q1 2004
The Czech current account deficit increased to a preliminary figure of nearly 41 billion crowns in the second quarter of 2004, up from just over 15.2 billion crowns in the first quarter, the Czech National Bank announced on Monday. The trade deficit reached roughly 11.3 billion crowns in the second quarter of 2004, an improvement of several billion crowns against a year earlier.