Czech Republic sees record GDP fall in 2020

The fall of the Czech economy due to restrictions caused by the coronavirus pandemic has amounted to 5.6 percent in 2020 and become the biggest in the republic’s history, formed on Jan. 1, 1993, Report informs, referring to TASS.

The adverse effects of restrictions due to the pandemic affected the hotel and tourism industries, trade and transport sectors.

A drop in production was recorded, as part of the country’s industrial enterprises were stopped during the pandemic’s first wave. Due to fears of a worsening financial situation, residents of the republic cut their expenses, which negatively affected consumer demand. Investment activity also decreased.

The Czech authorities have previously ordered employers to test employees for coronavirus. Organizations and enterprises that will not conduct testing should be fined up to 500,000 korunas ($23,000).

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