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Lawmakers To Debate Pension Reforms, Moravia-Silesia Governor Resigns

CZECHIA
  • The Chamber of Deputies is set to debate bills including the government's controversial pension reforms designed to curb ballooning budget deficits. The proposed changes would slow the automatic hikes of pension payouts and tighten the conditions for early retirement. These measures form part of the government's comprehensive overhaul of the pension system, which will involve the introduction of annual re-setting of the retirement age according to life expectancy. Opposition parties announced that they will use parliamentary obstruction to express their protest against the reforms.
  • Governor of the Moravia-Silesia region Ivo Vondrak resigned and will be replaced by his deputy Jan Krkoska after former colleagues from Czechia's main opposition ANO party demanded his resignation. Vondrak came under pressure after he publicly expressed support for Petr Pavel's presidential bid while serving as ANO Vice-Chairman. Pavel defeated ANO leader Andrej Babis in the run-off and Vondrak gave up party membership shortly thereafter but suggested that he would remain in office until the next regional election.
  • The market viewed Czechia's activity data from earlier this week as dovish, with industrial output and retail sales both missing expectations. CSOB wrote today that their current nowcast indicates a 0.1% Q/Q GDP contraction this quarter, with recent data supporting continued stability of interest rates at the next CNB meeting.
  • Czechia's unemployment rate slipped by 0.1pp to 3.5% in May, in line with the median estimate in a Bloomberg survey. The country's labour market remains one of the tightest in the European Union despite monetary tightening delivered by the CNB.
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