Czechoslovakia was a landlocked country, as located within Europe. It split off from Austria-Hungary in 1918 and split apart in 1993 into Czech Republic and Slovakia.
Czechoslovakia was highly industrialized by East European standards and had a well-educated and skilled labor force.
GDP per capita was the highest in Eastern Europe. Annual GDP growth slowed to less than 1 percent during the 1985-90 period. The country was deficient in energy and in many raw materials. Moreover, its aging capital plant laged well behind West European standards. In January 1991, Prague launched a sweeping program to convert its almost entirely state-owned and controlled economy to a market system. The koruna enjoyed almost full internal convertibility and over 90% of prices were set by the market.
The government had palled to privatize all small businesses and roughly two-thirds of large enterprises by the end of 1993. New private-sector activity also expanded during this time.
Agriculture - 95% socialized - was to be privatized by the end of 1992.
Reform has taken its toll on the economy: inflation was roughly 50% in 1991, unemployment was nearly 70%, and GDP dropped an estimated 15%.
Two equal horizontal bands of white (top) and red with a blue isosceles triangle based on the hoist side.
Some or all of the text was taken from The World Factbook, a work by the federal government of the the United States - all work by the US government lacks copyright.
Due to this using text that was written by the US government, please be aware that might not only be US-centric, but also have a pro-USA agenda.
This page was last edited on 2026-10-16 23:44:20.
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