The Czech edition of Forbes magazine surveyed some of the top economists from around the country to gauge the primary ways in which the coronavirus pandemic would hurt the country. Deloitte’s chief economist David Marek said that companies in the educational and cultural sectors would be in the front lines along with restaurants, hotels, and travel agencies and the air travel industry. Together, this group of companies produces around 8.5 percent of all added value produce in the country. He said that a month’s worth of disruption would reduce 2020 GDP figures by 0.7 percent. ČSOB analyst Petr Dufek said it was impossible to give any specific figures but that the GDP hit would be in the tenths of a percent. Michal Brožka, senior economist, Komerční banka made the exact same prediction, adding that unlike the crash in 2008, there was not a lack of liquidity. “The financial system is very stable right now,” he said. “This is a shock for the real economy, not a financial crisis. Economic policy is able to react to such a shock with a range of standard instruments,” he said. Czech Fund economist Lukáš Kovanda said that while GDP growth could fall below 2 percent, he didn’t believe at this point that the Czech economy would fall into recession.
