The Czech economy is peaking, according numerous economists, following third quarter figures that showed a 5 percent y-o-y jump in GDP. ING Bank’s chief economist Jakub Seidler told Hospodářské noviny that with the exception of 2015, when the country enjoyed a huge injection of EU funds, “this year’s GDP growth in the Czech Republic is the fastest in ten years.” But it can’t continue for long, say most economists, because the country has run out of employees. At the moment, companies are trying to fill 210,000 jobs as they try to fulfill orders. “Companies are chronically complaining about the lack of workers and calling their wage demands as a barrier for further growth. So they’re trying to replace workers with automation and robotos,” says the chief economist of the Czech Banking Association Eva Zamrazilová, according to HN.
