EC lowers forecast of Czech economic growth to 1.7 percent

The European Commission on Monday lowered its forecast of Czech economic growth for this year to 1.7 percent, in comparison to a projected increase of 3.6 percent predicted in the autumn. In 2010 however, the Czech GDP growth should increase to 2.3 percent. The European Commission also predicts that Czech exports will drop considerably from last year’s 7.8 percent to less than 1 percent this year. The unemployment rate is expected to increase to over 6.5 percent in 2010.