About the Czech Republic
A culturally and economically vibrant nation, the Czech Republic is a landlocked central European country. It is bordered on the west by Germany and the south by Austria. It is bordered on the northeast by Poland and by Slovakia on the southeast. The country’s currency is the Czech Koruna.
The Czech Republic has a well-established, high-income market economy focused on industries in service, manufacture, and innovation. It also receives a significant financial boost from the tourism sector. The country ranks 14th in the World Bank Human Capital Index, which comes out ahead of large players such as the United Kingdom, the United States, and France.
Media platform The Guardian even recently labelled Czech “one of Europe’s most flourishing economies”. In 2017, Czech had one of the highest economic growth rates in the European Union. In 2018, the country also had the EU’s lowest unemployment rate of 2.4%.
The country also ranks highly on several other national and global economic indexes.
Czech’s education and health care systems also rank amongst the best in the world with healthcare even coming in ahead of the United Kingdom.
The Czech Republic’s capital is the picturesque city of Prague. Known for its arts and literature, music, history, ‘offbeat’ activities and locations, parks and a garden. Prague is Czech Republic’s largest city and the 13th biggest in the European Union.
Formerly the capital of ancient civilization, Bohemia (established in 870 AD), Prague is a UNESCO World Heritage Site. Besides its cultural value, the city is also a thriving economic metropolis. The city of Prague makes up 25% of the Czech Republic’s GDP. With a high Purchasing Power Standard, Prague is the sixth-highest performing area in the European Union.
The city accounts for 5% of employment for the country, and salaries are usually about 25% higher than other parts of Czech. Since the 1990s, the city’s focus on industrial-based business has shifted to service-based at 80% of employment.