The Czech Republic (officially known as Czechia as of April 2016) has an open economy, with 74% of its GDP based on exports. These come mostly from the engineering and automotive industries.
Compared to its counterparts, the Czech Republic has a somewhat discreet reputation when it comes to innovation however its robust economy provides an excellent framework for businesses of all sizes to thrive.
According to combined research from the World Bank, the OECD, UNESCO and existing studies from Deloitte and PWC, the Czech Republic was declared the 6th best country in the world for startups in 2019 according to a study conducted by a personal finance company, Nimblefins.
As a welfare State, the Czech Republic enjoys universal health care and free university education. It currently ranks 12th in the UN’s inequality-adjusted human development and 8th in the Global Peace Index.
Most of the Czech Republic’s exports go to the EU, with 33% going to Germany alone.