The Czech Republic: A Review of the Eastern European Economy with the Lowest Unemployment Rate

Abstract

In 1989, the people of Czechoslovakia ousted the communists from government after almost fifty years of rule, in a peaceful process known as the Velvet Revolution. An IMF‐backed stabilisation programme was launched in 1991. It comprised some liberalisations, a sharp devaluation of the currency and the unification of the exchange rate. In 1992, the Czechs and Slovaks decided to separate, in what was known as the Velvet Divorce. The separation of the Czech and Slovak Republics officially took place the 1st of January 1993 without political and social crisis. The state of the economy of the Czech Republic at the end of 1991, was as follows:

Citation

Pampillón, R. and Luis Jiménez, J. (1997), "The Czech Republic: A Review of the Eastern European Economy with the Lowest Unemployment Rate", Management Research News, Vol. 20 No. 1, pp. 61-72. https://doi.org/10.1108/eb028518