Brexit

Effects of Brexit on Czech Republic 2/5/2021

Introduction: I don’t need introduction or conclusion I need you to answer the question directly

Situated in central Europe, the Czech Republic is a country dominated by the export based economy and is one of the major countries of central Europe. With the UK blowing the air of leaving Europe, Czech Republic can also be one of the affectees of the decisions as the country might face some challenges concerning the exports to UK and Czech nationals working in UK and vice versa. In this paper, we will analyze the potential impacts of Brexit on the Czech Republic and will conclude the Brexit being a potentially positive or negative event for the Czech Republic.

Economic Impact of Brexit:

The analysts are of the opinion that the Brexit may result in a loss of 55 billion in the Czech GDP that means a decline of 1.1% in the GDP of the country while the highest effect of the Brexit will be faced by engineering, automotive, and electronics sector. However, the net impact on the economy is accessed to be low because of a smaller portion of the exports being retained in the Czech Republic. (English Radio CZ, 2018) Can we have a pie chart or graphs here and then analyst it

The UK is a very major trading partner of the Czech Republic and as per the data which data can you please add the table of data here of 2017 Britain were10th largest export market and the 5th largest outlet for Czech goods. The country is likely to face a challenge in finding new alternate markets to channel their exports as the UK might be a difficult market to operate in after Brexit. Czech companies have already started feeling the turbulence due to the initiation of the Brexit as the orders have declined largely due to the uncertainties surrounding the post-Brexit regulations by both of the countries. ("Brexit", 2021)

By 2019, half of the Czech small and medium-sized entities had started chalking out plans for the new years while 28% of these companies have faced decreased revenues due to declining sales and there are also some uncertainties amid the payment and liquidity of the economic deals between two countries. A survey conducted revealed that 37% of the Czech companies were looking for alternative markets that would likely be the Asian and Latin markets and 29% of the companies have started hedging out their financial transactions in GBP fearing volatility in the exchange rates. Can you give a real example of a company in here

Human Resource Impacts of Brexit:

There are thousands of Britain’s living in the Czech and vice versa and all of these expatriates would face issues with respect to their residency status in both of the countries. Being one of the largest markets for the Czech, Britains hold many key businesses and positions in the country and have a very deep network there while Brexit has raised questions over the status of the citizens of both countries. The Czech analysts have analyzed not clear that a total of approximately 40,000 jobs would be lost as a result of Brexit while the country has already allowed the Britain citizens to enjoy the same perks as the EU citizens till the end of 2020 to plan for their stay in the country and from January 2021, the UK citizens will need a work permit to stay in Czech republic or some other visa such as student or visitor as the case may be while the same will be applied to the Czech citizens residing in the UK. (Pavel Gorel, 2020) you repeated some point here

There are also some of the issues faced by both of the countries in terms of mutual recognition of educational certifications and other MOUs between business parties and government institutions such as pension schemes as both of the countries enjoyed EU tag but now the things are being reworked by both of the countries. (KAFKADESK, 2019) not a good reference

I don’t need Conclusion:

Brexit has been an ordeal for the Czech economy as it lost one of its largest export markets of the country from being in the same legislative lobby. The Brexit had kept things in the dark for a long time and there were different views over the conclusion of the Brexit deal being a deal or no-deal Brexit. Although the terms have been finalized, the true economic impacts are yet to be calculated and analyzed but one thing could be said for sure that the economic impact of Brexit on the Czech Republic have not been encouraging and the country has faced an overall decline in the GDP as the Brexit deal combined with the Covid-19 spread closed the borders of Czech from the UK as well as other international markets.

The Labor and human resource market has suffered in similar ways but the country has somehow managed to make some room for Britain living in Czech and vice versa by crafting laws that have allowed the ex-pats to decide on the fate of their residence, educational and another citizenship status by the end of 2020 and from January 2021 onwards, the UK and the Czech Republic have started dealing each other like any other state outside the EU.

References:

Pavel Gorel, L. (2020). CZ – Brexit: U.K. Citizens Residing in Czech Rep.. KPMG. Retrieved 4 February 2021, from https://home.kpmg/xx/en/home/insights/2020/12/flash-alert-2020-509.html.

How would a “hard” Brexit impact the Czech Republic?. Radio Prague International. (2018). Retrieved 4 February 2021, from https://english.radio.cz/how-would-a-hard-brexit-impact-czech-republic-8143638.

Brexit. Mpsv.cz. (2021). Retrieved 4 February 2021, from https://www.mpsv.cz/web/en/brexit.

The Final Countdown: Implications of a Hard Brexit on the Czech Republic - Kafkadesk. Kafkadesk. (2019). Retrieved 4 February 2021, from https://kafkadesk.org/2019/03/12/the-final-countdown-implications-of-a-hard-brexit-on-the-czech-republic/.