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Line 564: The Czech Republic has a [[Developed country#IMF advanced economies\|developed]],<ref>{{cite web\|url=http://www.czech.cz/en/czech-republic/getting-to-know-czech-republic/\|title=Getting to know Czech Republic\|author=www.mccanndigital.cz\|accessdate=13 September 2014\|archive-url=https://web.archive.org/web/20140719090840/http://www.czech.cz/en/czech-republic/getting-to-know-czech-republic/\|archive-date=19 July 2014\|dead-url=no\|df=dmy-all}}</ref> [[World Bank high-income economy\|high-income]]<ref>{{cite web\|url=http://web.worldbank.org/WBSITE/EXTERNAL/DATASTATISTICS/0,,contentMDK:20421402~pagePK:64133150~piPK:64133175~theSitePK:239419,00.html#High_income \|title=World Bank 2007 \|publisher=Web.worldbank.org \|accessdate=25 April 2010 \|deadurl=yes \|archiveurl=https://web.archive.org/web/20080524215837/http://web.worldbank.org/WBSITE/EXTERNAL/DATASTATISTICS/0%2C%2CcontentMDK%3A20421402~pagePK%3A64133150~piPK%3A64133175~theSitePK%3A239419%2C00.html \|archivedate=24 May 2008 \|df= }}</ref> [[Trading nation\|export-oriented]] [[social market economy]] based in services, manufacturing and innovation, that maintains a [[welfare state]] and the [[European social model]].<ref name="An Ideal-Typical Perspective">Christian Aspalter, Kim Jinsoo, Park Sojeung. [http://onlinelibrary.wiley.com/doi/10.1111/j.1467-9515.2009.00654.x/abstract?systemMessage=Wiley+Online+Library+will+be+unavailable+on+Saturday+7th+Oct+from+03.00+EDT+%2F+08%3A00+BST+%2F+12%3A30+IST+%2F+15.00+SGT+to+08.00+EDT+%2F+13.00+BST+%2F+17%3A30+IST+%2F+20.00+SGT+and+Sunday+8th+Oct+from+03.00+EDT+%2F+08%3A00+BST+%2F+12%3A30+IST+%2F+15.00+SGT+to+06.00+EDT+%2F+11.00+BST+%2F+15%3A30+IST+%2F+18.00+SGT+for+essential+maintenance.+Apologies+for+the+inconvenience+caused+. Analysing the Welfare State in Poland, the Czech Republic, Hungary and Slovenia: An Ideal-Typical Perspective] {{Webarchive\|url=https://web.archive.org/web/20171015202255/http://onlinelibrary.wiley.com/doi/10.1111/j.1467-9515.2009.00654.x/abstract?systemMessage=Wiley+Online+Library+will+be+unavailable+on+Saturday+7th+Oct+from+03.00+EDT+%2F+08%3A00+BST+%2F+12%3A30+IST+%2F+15.00+SGT+to+08.00+EDT+%2F+13.00+BST+%2F+17%3A30+IST+%2F+20.00+SGT+and+Sunday+8th+Oct+from+03.00+EDT+%2F+08%3A00+BST+%2F+12%3A30+IST+%2F+15.00+SGT+to+06.00+EDT+%2F+11.00+BST+%2F+15%3A30+IST+%2F+18.00+SGT+for+essential+maintenance.+Apologies+for+the+inconvenience+caused+. \|date=15 October 2017 }}. Published on 10 March 2009. [[Digital object identifier\|DOI]]: 10.1111/j.1467-9515.2009.00654.x</ref> The Czech Republic participates in the [[European Single Market]] as a member of the [[European Union]], and is therefore a part of the [[economy of the European Union]], but uses its own currency, the [[Czech koruna]], instead of the [[euro]]. It has a per capita GDP rate that is 89% of the EU average<ref>{{cite web\|url=http://ec.europa.eu/eurostat/tgm/table.do?tab=table&init=1&language=en&pcode=tec00114&plugin=1\|title=GDP per capita in PPS\|publisher=Eurostat\|accessdate=16 June 2015\|archive-url=https://web.archive.org/web/20150524215819/http://ec.europa.eu/eurostat/tgm/table.do?tab=table&init=1&language=en&pcode=tec00114&plugin=1\|archive-date=24 May 2015\|dead-url=no\|df=dmy-all}}</ref> and is a member of the [[Organisation for Economic Co-operation and Development\|OECD]]. [[Monetary policy]] is conducted by the [[Czech National Bank]], whose independence is guaranteed by the [[Constitution of the Czech Republic\|Constitution]]. The Czech Republic ranks 15th in the [[United Nations Development Programme\|UN]] [[List of countries by inequality-adjusted HDI\|inequality-adjusted human development]] and 14th in [[World Bank Human Capital Index]] ahead of countries such as the [[United States]], the [[United Kingdom]] and [[France]]. It was described by ''[[The Guardian]]'' as "one of Europe’s most flourishing economies".<ref>Robert Tait. [https://www.theguardian.com/world/2019/jan/06/czech-democracy-threat-debt-crisis Czech democracy ‘under threat’ from rising debt crisis]. ''[[The Guardian]]''. 6 January 2019.</ref> {{as of\|2018}}, the country's [[GDP per capita]] at [[purchasing power parity]] is $37,370 <ref name="IMFWEOCZ"/> and $22,850 at [[Real versus nominal value (economics)\|nominal value.]]<ref name="IMFWEOCZ">{{cite web \|url=https://www.imf.org/external/pubs/ft/weo/2019/01/weodata/weorept.aspx?pr.x=44&pr.y=12&sy=2016&ey=2021&scsm=1&ssd=1&sort=country&ds=.&br=1&c=935&s=NGDP_RPCH%2CNGDPD%2CPPPGDP%2CNGDPDPC%2CPPPPC&grp=0&a= \|title=World Economic Outlook Database, April 2019 \|publisher=[[International Monetary Fund]] \|website=IMF.org \|access-date=24 April 2019}}</ref> According to IMF itCzech Republic was in 2018 44th as national nominal GDP behind Egypt and 45th as national nominal GDP PPP behind Peru.<ref>https://www.imf.org/external/pubs/ft/weo/2019/01/weodata/weoselgr.aspx</ref> According to Credit Suisse A.G. Czech Republic was 42nd behind Thailand as national net wealth in 2018, 40th as net wealth per adult behind Croatia.<ref>http://publications.credit-suisse.com/tasks/render/file/index.cfm?fileid=14CB9EFE-CA2D-9BF7-77A24A6D4E5F4CAD{{Dead link\|date=June 2019 \|bot=InternetArchiveBot \|fix-attempted=yes }}</ref> According to Allianz A.G. the country in 2018 was MWC (mean wealth country) as net financial assets per capita with countries like Estonia, Slovakia, Hungary, Romania and others.<ref>https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/migration/media/economic_research/publications/specials/en/Allianz_Global_Wealth_Report_2018_e.pdf</ref> The country experienced a 4.5% [[Economic growth\|GDP growth]] in 2017, giving the [[Czech economy]] one of the highest growth rates in the European Union.<ref>{{cite news\|title=Česká ekonomika na konci roku dál rostla, HDP loni stoupl o 4,5 procenta\|url=https://ekonomika.idnes.cz/rust-hdp-cesko-2017-4-5-procenta-d1r-/ekonomika.aspx?c=A180216_092208_ekonomika_jj\|work=iDNES.cz\|date=16 February 2018\|language=cs\|access-date=14 March 2018\|archive-url=https://web.archive.org/web/20180315070633/https://ekonomika.idnes.cz/rust-hdp-cesko-2017-4-5-procenta-d1r-/ekonomika.aspx?c=A180216_092208_ekonomika_jj\|archive-date=15 March 2018\|dead-url=no\|df=dmy-all}}</ref> The 2016 [[unemployment]] rate was the lowest in the EU at 2.4%,<ref name="Eurostat Unemployment 2016">[http://ec.europa.eu/eurostat/statistics-explained/index.php/File:Unemployment_rates,_seasonally_adjusted,_September_2016.png Unemployment rates, seasonally adjusted, September 2016] {{Webarchive\|url=https://web.archive.org/web/20171228112313/http://ec.europa.eu/eurostat/statistics-explained/index.php/File:Unemployment_rates,_seasonally_adjusted,_September_2016.png \|date=28 December 2017 }}. [[Eurostat]].</ref> and the 2016 poverty rate was the second lowest of OECD members behind only [[Denmark]].<ref name="FT 19 October 2016">Federica Cocco. [https://www.ft.com/content/eacb2221-86f3-3be6-b3a9-075f0415367f Israel and the US have the highest poverty rates in the developed world] {{Webarchive\|url=https://web.archive.org/web/20171228171632/https://www.ft.com/content/eacb2221-86f3-3be6-b3a9-075f0415367f \|date=28 December 2017 }}. ''[[Financial Times]]''. Published on 19 October 2016.</ref> Czech Republic ranks 24th in both the [[Index of Economic Freedom]] <ref>{{cite web\|url=https://www.heritage.org/index/ranking\|title=Country Rankings: World & Global Economy Rankings on Economic Freedom\|website=www.heritage.org\|access-date=15 March 2018\|archive-url=https://web.archive.org/web/20181124020846/https://www.heritage.org/index/ranking\|archive-date=24 November 2018\|dead-url=no\|df=dmy-all}}</ref> and the [[Global Innovation Index]] {{as of \| 2016 \| lc=yes}},<ref>{{cite document \| title=The Global Innovation Index 2016 \| publisher=The Global Innovation Index \| date=2016 \| url=https://www.globalinnovationindex.org/gii-2016-report \| deadurl=yes \| archiveurl=https://web.archive.org/web/20170202000859/https://www.globalinnovationindex.org/gii-2016-report \| archivedate=February 2, 2017 \| accessdate=January 31, 2019}}</ref> 29th in the [[Global Competitiveness Report]]<ref name="GCR 2018/19">{{cite web\|url=http://reports.weforum.org/global-competitiveness-report-2018/\|title=The Global Competitiveness Report 2018\|accessdate=17 October 2018\|archive-url=https://web.archive.org/web/20181017082148/http://reports.weforum.org/global-competitiveness-report-2018/\|archive-date=17 October 2018\|dead-url=no\|df=dmy-all}}</ref> 30th in the [[ease of doing business index]] and 25th in the [[Global Enabling Trade Report]].<ref>{{cite web\|url=http://reports.weforum.org/global-enabling-trade-report-2016/enabling-trade-rankings/\|title=Enabling Trade rankings\|access-date=15 March 2018\|archive-url=https://web.archive.org/web/20180321024142/http://reports.weforum.org/global-enabling-trade-report-2016/enabling-trade-rankings/\|archive-date=21 March 2018\|dead-url=no\|df=dmy-all}}</ref> The Czech Republic has a highly diverse economy that [[List of countries by economic complexity\|ranks 7th]] in the 2016 [[Economic Complexity Index]].<ref name="Atlas of Economic Complexity">[https://atlas.media.mit.edu/en/rankings/country/eci/ Economic Complexity Rankings (ECI)] {{Webarchive\|url=https://web.archive.org/web/20180314191933/https://atlas.media.mit.edu/en/rankings/country/eci/ \|date=14 March 2018 }}. [[The Atlas of Economic Complexity]]. Access date 3 October 2017.</ref> The industrial sector accounts for 37.5% of the economy, while services account for 60% and agriculture for 2.5%.<ref>[https://www.cia.gov/library/publications/the-world-factbook/fields/2048.html LABOR FORCE - BY OCCUPATION] {{Webarchive\|url=https://web.archive.org/web/20140522214333/https://www.cia.gov/library/publications/the-world-factbook/fields/2048.html \|date=22 May 2014 }}. [[The World Factbook]].</ref> The largest trading partner for both export and import is [[Germany]] and the EU in general. Dividends worth CZK 270 billion were paid to the [[Foreign ownership\|foreign owners]] of Czech companies in 2017, which has become a political issue in the Czech Republic.<ref>{{cite news \|title=Czech foreign owned companies take second biggest dividend yield in 2017:report \|url=https://www.radio.cz/en/section/business/czech-foreign-owned-companies-take-second-biggest-dividend-yield-in-2017report \|work=Radio Prague \|date=7 March 2018}}</ref> The country has been a member of the [[Schengen Area]] since 1 May 2004, having abolished border controls, completely opening its borders with all of its neighbors (Germany, [[Austria]], [[Poland]] and [[Slovakia]]) on 21 December 2007.<ref>{{cite web\|title=Czech Republic to join Schengen\|url=http://www.praguepost.com/articles/2006/12/13/czech-republic-to-join-schengen.php\|archiveurl=https://web.archive.org/web/20080225173344/http://www.praguepost.com/articles/2006/12/13/czech-republic-to-join-schengen.php\|archivedate=25 February 2008\|publisher=The Prague Post\|date=13 December 2006\|accessdate =8 October 2007}}</ref> The Czech Republic became a member of the [[World Trade Organization]] on 1 January 1995.

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