Czech growth forecast down to 3.7 percent in 2009

PRAGUE — The Czech Republic on Thursday slashed its economic growth forecast for 2009 to 3.7 percent from the previous estimate of 4.8 percent to account for the impact of the global financial crisis.

The Finance Ministry expects the economy to grow by 4.4 percent in 2010, but noted the crisis has made longer-term forecasts difficult to make.

The ministry also lowered its growth forecast for the country's economy this year, to 4.4 percent from 4.6 percent.

Czech leaders have said the country has not been hit hard by the financial crisis but warned its export-oriented economy was likely to suffer as its major trading partners, including Europe's biggest economy Germany, face an economic slowdown.

In mid-October, the German government slashed its 2009 growth forecast to 0.2 percent from 1.2 percent, citing uncertainty on global financial markets.

The Czech economy grew by more than six percent in each of the last three years.

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