Czech Banking Association downgrades economic outlook for 2023-2024

The Czech Banking Association has downgraded its economic outlook for this year and 2024. It expects GDP to fall by 4 tenths of a percent this year, while next year the economy should return to moderate growth, but only by less than two percent. According to Jakub Seidler, chief economist at the banking association, this is mainly due to lower foreign demand and lower household consumption.