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Czech central bank recommends adopting euro in 2007. Number of foreign tourists to be 15 pct lower this year. Two thirds of Czechs get lower than average wages. Temelin's second reactor reconnected to grid after 4-month shutdown. CzechTrade to open new office in Copenhagen in January. Czechs more satisfied with living standards than 4 years ago.

Click here for a brief overview of some of the important economy and business-related events expected to take place in 2003.

Bill on 2003 State Budget Deficit Passed. Finance Minister Details Budget Reform Plan. Public Sector Salaries To Rise In New Year. Two Japanese companies to build manufacturing plant in Plzen. Seven former IPB bank executives charged with abuse of confidence. European Union Will Protect Budejovice Beer Designations. Retail revenue growth slows down in October. Czech and Slovak economies before and after the dissolution of the common.

According to a recent study, more than 40 percent of working time is spent in an unproductive way in Czech economy. At the same time, managers are rather sceptical as to the possibilities of improvement. However, productivity growth potential is estimated at around 30-percent.

Inflation reaches another all-time low but unemployment causes growing concerns. Efforts to revitalise northern regions worst-hit by unemployment continue. Czech doctors are prepared to push their wage demands by going on strike. Economic crime in Northern Moravia has been on the increase.

Just a few days ago, the Czech government's trade promotion agency, CzechTrade, became the third such agency in Europe to receive the ISO 9001:2000 certificate in what can be seen as a pioneering project of introducing a quality management system to the state sector.

The Czech Telecom privatisation deal has definitively fallen through. Czech average wage grows, as does the minimum officially guaranteed wage. Trade minister would like to boost trade with Eastern developing countries. State budget deficit rises by 9.4 billion in one month. More redundancies expected at the national rail carrier Ceske Drahy. The current account gap for the third quarter reached just over 50 billion crowns. Finance Minister has announced a package aimed at reforming the health care system.

The Czech armaments industry has gone through many changes since the fall of communism. Through reorganization, privatization, and the loss of the massive Soviet market the Czech Republic's arms industry is just a fraction of what it once was. Martin Hrobsky explores how one of the world largest arms producers took it upon itself to create a more peaceful world only to find out that it was not in the countries economic interests to do so.

Along with many other industrialized countries around the world the Czech Republic has begun the process of restructuring its energy sector. Liberalization and efficiency are two themes which are driving the production, distribution, and use of energy. In this week's economics report we look at how successful the Czech Republic has been in liberalizing the energy sector and we will investigate how liberalization is effecting the increasing importance of energy efficiency in the Czech Republic.

The international rating agency Standard and Poor's has downgraded the Czech Republic's credit rating from AA- to A+. The Agriculture Ministry says it might need do double its budget after the Czech Republic's EU accession, while Czech food producers are gearing up for tougher competition. The government has postponed the signing of a contract to sell its majority stake in Czech Telecom to strategic investor. The Czech capital Prague is becoming increasingly attractive for businesses from around the world. Although little known at home, Czech aviation