The economy of the Czech Republic is a developed export-oriented social market economy based in services, manufacturing, and innovation, that maintains a high-income welfare state and the European social model.
It was a satellite state of the Soviet Union. Following the coup d’état of February 1948, when the Communist Party of Czechoslovakia seized power with the support of the Soviet Union, the country was declared a socialist republic after the Ninth-of-May Constitution became effective.
The World Bank ranked the Czech Republic 34th in the world in GDP per capita in 2017, at an estimated $36,916 (about 840,000 crowns).
The Czech Republic is a developed country with an advanced, high income social market economy. It ranks 13th in the UN inequality-adjusted human development and 14th in the World Bank Human Capital Index ahead of countries such as the United States, the United Kingdom and France.
In the Czech Republic , the average household net-adjusted disposable income per capita is USD 21 453 a year, lower than the OECD average of USD 33 604 a year. But there is a considerable gap between the richest and poorest – the top 20% of the population earn nearly four times as much as the bottom 20%.
The Second World was the Soviet Union and her allies. However, the part of Europe that could be considered First World has shifted east with the Baltic states, Poland, Czech Republic , Slovakia, and Hungary now shifting from Second world to First world countries .
Since transitioning into a democracy in 1989, joining NATO in 1999, and the European Union in 2004, the Czech Republic has gradually become a close economic partner and formal military ally of the United States , drastically improving bilateral ties in the years since through increasingly extensive cooperation in areas
It is generally considered an affordable destination for expats, including students. Xpatulator.com’s most recent rankings of the most expensive countries in the world for expatriates rank the Czech Republic 137th out of 217 countries.
The official language of the Czech Republic is Czech . Spoken by nearly 11 million native speakers, Czech is classified as part of the Slavic branch of Indo-European languages . Although many people in the Czech Republic have a base knowledge of the English language , knowing a few key phrases in Czech will take you far.
Healthcare coverage in the Czech Republic even covers dental care, and it is free for all citizens. Due to its reciprocal healthcare agreements with other countries, citizens of the Czech Republic can avail medical treatment in other EU countries too.
The number of dollar millionaires in the Czech Republic has increased to 28,140 , which is an increase of nearly 11 per cent on the previous year, according to figures released by the consultancy Capgemini on Monday.
Is crime a risk in the Czech Republic ? Although the Czech Republic has a relatively low crime rate, be aware of your surroundings in heavily populated cities, especially Prague, where pickpocketing and petty thefts are common.
The present-day Czech Republic was first populated by Celts in the 4th century B.C. The Celtic Boii tribe gave the country its Latin name = Boiohaemum (Bohemia). The Celtics were later replaced with the Germanic tribe (around 100 A.D.) and the Slavic peoples (6th century).
The Czech Republic is a relatively safe country. Crime rates are low, and the European emergency telephone number is available for foreigners who don’t speak the local language.
Petr Kellner (born 20 May 1964) is a Czech billionaire businessman. He is the richest in the Czech Republic, founder and majority shareholder (98.93 %) of the PPF Group. In November 2020, Kellner had an estimated net worth of US$19 billion.