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Czech Republic Outlook 2021E: Orderly rebuilding post COVID-19

Czech Republic Outlook 2021E: Orderly rebuilding post COVID-19

Gross wages are c.70% of average Italian levels, second to Poland in CEE
The debt of households and non-financial corporations has not responded meaningfully relative to GDP yet, but households’ assets have seen a rush into equities this year
The export recovery has lagged its peers, not clear why yet