Die Welt: Czechia is the sick man in Europe

Czechia is the sick man in Europe, the German newspaper Die Welt wrote at the weekend, saying that the Czech Republic is the only EU country that has not yet recovered from the pandemic slump. The country's economic model has aged, with economists warning of a growth trap, Die Welt reported on Saturday. Experts predict weak growth for next year as well. The paper says the country’s failure to recover after the pandemic can be explained by a number of factors: Czech companies are not particularly energy-efficient in their production and were therefore hit hard by the energy crisis after the Russian invasion of Ukraine. The Czech central bank raised interest rates very early on, deliberately slowing down the economy in order to combat inflation, which is extremely high by European standards. And unlike other European countries, including those in central and eastern Europe, the government has also been very cautious with regard to crown and energy aid, Die Welt says.