ESCO, UNIDO, UNOSOM, UNPROFOR, UPU, WHO,
WIPO, WMO, WTO, ZC
Diplomatic representation in US:
chief of mission:
Ambassador Michael ZANTOVSKY
chancery:
3900 Spring of Freedom Street NW, Washington, DC 20008
telephone:
(202) 363-6315 or 6316
US diplomatic representation:
chief of mission:
Ambassador Adrian A. BASORA
embassy:
Trziste 15, 125 48, Prague 1
mailing address:
Unit 25402; APO AE 09213-5630
telephone:
[42] (2) 536-641/6
FAX:
[42] (2) 532-457
Flag:
two equal horizontal bands of white (top) and red with a blue isosceles
triangle based on the hoist side

*Czech Republic, Economy

Overview:
The dissolution of Czechoslovakia into two independent nation states - the
Czech Republic and Slovakia - on 1 January 1993 has complicated the task of
moving toward a more open and decentralized economy. The old Czechoslovakia,
even though highly industrialized by East European standards, suffered from
an aging capital plant, lagging technology, and a deficiency in energy and
many raw materials. In January 1991, approximately one year after the end of
communist control of Eastern Europe, theCzech and Slovak Federal Republic
launched a sweeping program to convert its almost entirely state-owned and
controlled economy to a market system. In 1991-92 these measures resulted in
privatization of some medium- and small-scale economic activity and the
setting of more than 90% of prices by the market - but at a cost in
inflation, unemployment, and lower output. For Czechoslovakia as a whole
inflation in 1991 was roughly 50% and output fell 15%. In 1992, in the Czech
lands, inflation dropped to an estimated 12.5% and GDP was down a more
moderate 5%. For 1993 the government of the Czech Republic anticipates
inflation of 15-20% and a rise in unemployment to perhaps 12% as some
large-scale enterprises go into bankruptcy; GDP may drop as much as 3%,
mainly because of the disruption of trade links with Slovakia. Although the
governments of the Czech Republic and Slovakia had envisaged retaining the
koruna as a common currency, at least in the short term, the two countries
ended the currency union in February 1993.
National product:
GDP - purchasing power equivalent - $75.3 billion (1992 est.)
National product real growth rate:
-5% (1992 est.)
National product per capita:
$7,300 (1992 est.)
Inflation rate (consumer prices):
12.5% (1992 est.)
Unemploy