Czech's Tomsik on short-term outlook

The Czech National Bank has forecast GDP growth to slow during this year but to pick up in the first quarter of 2009.

"Consistent with the macroeconomic forecast and its assumptions is a modest rise in nominal interest rates initially, followed by a decline still in 2008. In 2009, nominal interest rates are expected to be broadly flat," said Vladimir Tomsik, a board member at the central bank.

Judging the Czech economy's transition process so far, Tomsik noted that major transition steps were

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