CNB: Czech economy may grow slower than expected

The Czech National Bank admits there could be a greater economic slowdown next year than previously forecast, the daily Hospodářské noviny reported, citing the bank’s governor Zdeněk Tůma. The most recent forecast of the Czech National Bank estimated a growth of 2.9 percent; now it says Czech GDP may only grow by 0.5 percent in 2009. Zdeněk Tůma says the change is caused by the global downturn, which is sharper than it was expected at the time the forecast was drafted.