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ECB Innovation Barometer: The Czech Republic has improved, although it is still mainly attracting investors with cheap labour

  • The Erste Corporate Banking Innovation Barometer monitors competitiveness, innovation potential and the future prosperity of countries
  • The Czech Republic came 17th in the barometer, two places higher than last year
  • The Czech Republic is lagging behind in, for example, the number of applications for international patents, or the percentage of households with a broadband internet connection

For the fifth year, Ceska sporitelna has issued a unique tool for comparing the attractiveness of the 28 economies in the European Union – the Erste Corporate Banking Innovation Barometer. This assesses the economic performance of individual countries in terms of of their innovation capability and future competitive ability. This year’s assessment confirmed that if European Union member states want to succeed in the growing competitive environment, they will have to concentrate on innovation, science, research and ensuring a high level of added value.

The analysis also showed that European countries maintain their competitive ability in two ways. Either they are leaders in the field of innovation, thanks to which they can afford to pay higher salaries without losing their competitiveness, or they lag behind in the introduction of innovations and compensate for this lack by paying lower salaries.

“Countries which are not sufficiently innovative, yet still pay high salaries sooner or later find themselves in a macroeconomic crisis, as happened in over-indebted Greece, Italy and Spain. If we want higher salaries in the Czech Republic, we must improve the environment for innovation,” says Jan Jedlička, Manager of the Ceska sporitelna EU Office.

For the time being, the Czech Republic still belongs to the group of less innovative countries with lower salaries, but is slowing climbing up the table. The Czech Republic is doing well, i.e. above the EU average, in its share of hi-tech exports, in expenditure channelled into research and development and in the number of graduates of technical disciplines at universities. In contrast, it is lagging behind in the share of investments by venture capital funds into start-ups and seed companies, public expenditure on education, in the share of individuals communicating with public administration via the internet, in the percentage of households with broadband internet connection and in the number of applications for international patents.


More information and the full version of the ECB Innovation Barometer analysis can be found here [new window].

For further information please contact the Press Centre of the Ceska Sporitelna Financial Group (CSFG):

Helena Matuszná
CS Press Officer
E-mail: tiskove_centrum@csas.cz

Press release – PDF version [new window]

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Aktuální k: 25.10.2016
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