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CZECHIA: Fitch Affirms Czech Rating, Cabinet To Discuss Labour Code Amendments

CZECHIA
EM BulletBulletGlobalEmerging Market NewsCentral and Eastern EuropeRegionCzechia
  • Prime Minister Petr Fiala's ODS and its colalition partners from KDU-CSL have clashed over the inclusion of unjustified dismissal in the Labour Code. The ODS would like to allow employers to be able to terminate the contracts of workers without giving a reason, with Deputy Speaker Jan Skopecek noting that "the Czech Labour Code is one of the most complex and rigid codes in the world." The cabinet will discuss the matter on Wednesday but Labour and Social Affairs Minister Marian Jurecka has been opposed to the proposal.
  • Fitch affirmed Czechia at AA- with a stable outlook, pointing to a "record of credible macroeconomic and monetary policies, and a robust institutional framework underpinned by EU membership." They said that they expect the CNB's rate-cutting cycle to continue and they "forecast the key rate at 3.75% by end-2024 and 3.5% by end-2025."
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  • Prime Minister Petr Fiala's ODS and its colalition partners from KDU-CSL have clashed over the inclusion of unjustified dismissal in the Labour Code. The ODS would like to allow employers to be able to terminate the contracts of workers without giving a reason, with Deputy Speaker Jan Skopecek noting that "the Czech Labour Code is one of the most complex and rigid codes in the world." The cabinet will discuss the matter on Wednesday but Labour and Social Affairs Minister Marian Jurecka has been opposed to the proposal.
  • Fitch affirmed Czechia at AA- with a stable outlook, pointing to a "record of credible macroeconomic and monetary policies, and a robust institutional framework underpinned by EU membership." They said that they expect the CNB's rate-cutting cycle to continue and they "forecast the key rate at 3.75% by end-2024 and 3.5% by end-2025."