Czech Banking Association downgrades economic growth estimate for 2022

The Czech Banking Association has downgraded its estimate of Czech economic growth for 2022 to 1.8 percent. In its previous forecast in February, the CBA expected gross domestic product to grow by 3.7 percent this year. According to the association, economic growth will be affected by the repercussions of the war in Ukraine, problems in supply chains and inflation. The association expects the economy to grow by 2.8 percent next year, compared with 3.6 percent in the previous forecast. Last year, the economy grew by 3.3 percent.