The country is situated in the centralEuropewhile sharing borders with most of the East European countries in the region. The main towns of the country includePrague,Brno,OstravaandPlzen. The official language in the country is Czech while Slovak is also officially recognized. The currency forCzechRepublicis the Czech crown which was introduced in 1993 after the country was separated fromSlovakia. ‘The finance ministry has revised its economic forecasts for 2008 and 2009, which are less optimistic about the national outlook. Real GDP growth has been written down to 4.7% from 4.9% for this year and to 4.7% to 5.1% in 2009.’ (‘Risk Summary:CzechRepublic’, 2008)
The business environment in the region is very positive as the country is facing economic growth in the region. Moreover the country is shifting from the traditional manufacturing, coal, and engineering dominant industry structure to a more diverse industry structure which is heavily based on the tourism and hospitality industry. Other industries which have also seen significant economic growth in the region pertain to the financial services industry, the consumer goods industry and the industry for retail and wholesale trade.
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