Czech Chamber of Commerce says economy will plunge into recession
The Czech Chamber of Commerce says the country’s economy is going to plunge into recession this year. The predicted downfall will be caused by a drop in contracts, long breaks in production and a restricted working week which many firms have been forced to introduce. The Chamber says the Czech economy was heavily hit by the global crisis, with November’s industrial production showing the steepest drop of all EU member countries. According to the analysis, another 30,000 jobs will be cut in January alone, making the unemployment rate jump over 7 percent by the end of 2009.