捷克共和国：2026年第四条磋商新闻稿；员工报告；员工补充；捷克共和国执行主任的发言

2026ARTICLE IV CONSULTATION—PRESS RELEASE;STAFF REPORT;STAFF SUPPLEMENT;AND STATEMENTBY THE EXECUTIVE DIRECTOR FORTHE CZECHREPUBLIC Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions withmembers, usually every year. In the context of the2026Article IV consultation withtheCzechRepublic, the following documents have been released and are included in this package: •APress Releasesummarizing the views of the Executive Board as expressed during itsMarch23, 2026consideration of the staff report that concluded the Article IVconsultation withtheCzechRepublic. •TheStaff Reportprepared by a staff team of the IMF for the Executive Board’sconsideration onMarch23, 2026, following discussions that ended onFebruary3,2026, with the officials oftheCzechRepublicon economic developments and policies.Based on information available at the time of these discussions, the staff report wascompleted onMarch6, 2026. •AnInformational Annexprepared by the IMFstaff. •AStaffSupplementupdating information on recent developments. •AStatement by the Executive Directorforthe Czech Republic. The documents listed below have been or will be separately released. Selected Issues TheIMF’s transparency policy allows for the deletion of market-sensitive information andpremature disclosure of the authorities’ policy intentions in published staff reports andother documents. Copies of this report are available to the public from International Monetary Fund•Publication ServicesPO Box 92780•Washington, D.C. 20090Telephone: (202) 623-7430•Fax: (202) 623-7201E-mail:publications@imf.org Web:http://www.imf.org International Monetary FundWashington, D.C. IMF Executive Board Concludes 2026 Article IV Consultation with theCzech Republic FOR IMMEDIATE RELEASE Washington, DC – March 23, 2026:The Executive Board of the International Monetary Fund (IMF)completed the Article IV Consultation for the Czech Republic1 The Czech economy expanded in 2025, driven primarily by domestic demand. Growth was robust,averaging an estimated 2.6 percent as real wages continued to recover, supporting consumption,while public investment benefited from strong EU funds absorption. In contrast, private investmentand exports softened amid global policy uncertainty and rising trade barriers. Headline inflation haseased to 1.4 percent in February, reflecting lower energy and food prices and the transfer of therenewable energy surcharge to the state budget. However, core inflation remains elevated at 2.7percent, driven by persistent services price pressures, including housing-related costs, and nominalwage growth of around 7 percent. Following the energy shock from the war in the Middle East, growth forecasts have been loweredand inflation projections raised. Based on staff’s preliminary assessment, growth is projected toremain above potential at 2.2 percent in 2026, closing the output gap, with consumption supportedby recovering real wages and a modest decline in the saving rate. Investment should strengthen asinterest rates fall, while exports recover more gradually from recent disruptions. Over the mediumterm, growth is expected to ease toward its 1.8 percent potential, constrained by demographics andmodest productivity gains. Headline inflation is projected to average 2.4 percent this year, as higherenergy prices outweigh the effect of transferring the renewable energy surcharge and earlier korunaappreciation, while core inflation remains sticky amid persistent wage and housing related pressures. Risks are elevated and, in the near term, shifting upward for inflation and downward for growth, onrising geopolitical risks and further intensification of military conflicts. On the other hand, a moreexpansionary fiscal stance could temporarily lift growth above potential and add to price pressures,requiring tighter monetary policy, while global uncertainty or financial market corrections coulddampen activity and heighten inflation volatility. Executive Board Assessment2 Executive Directors welcomed continued robust activity and economic resilience amid structuralchallenges, noting that growth is expected to moderate toward potential over the medium term.Directors highlighted that the outlook is subject to considerable uncertainty and that medium-termrisks are tilted to the downside, including from intensification of conflicts, global policy uncertainty,and trade tensions, which could weigh on activity and increase inflation. Against this backdrop, theyunderscored the need to continue implementing prudent policies, advancing structural reforms, anddeepening integration with the EU Single Market to raise potential growth. Directors emphasized the importance of preserving fiscal space amid rising medium-term spendingpressures. Noting that demographic trends and sizable investment needs are expected toincreasingly strain public finances, Directors recommended gradual and sustained fiscal adjustmentto contain debt and financing needs. Impo