Economy of Czech Republic in Essay

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Basics of Economic Development Plan

Considering Czechoslovakia has a well-educated population and great wi-fi infrastructure, it has an opportunity to develop its knowledge-based service sector. With its well-educated population and various cultural exchanges with Western Europe, Czechoslovakia has a chance to develop its competence and activity in traditional knowledge-based fields such as financial and legal services. Also, Czechoslovakia's impressive wi-fi infrastructure will make it possible for the country to be a leader in high-tech services.

Consequences of Economic Development Plan

Switching to a more services-oriented, knowledge-based economy will increase economic prospects for the highly educated but may leave out people who have not received the advanced education required for their fields. For the less educated, the employment opportunities would be remain in heavy industrial manufacturing, which may diminish as Czechoslovakian manufacturing becomes less competitive.

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The Government should make efforts to ease this transition by retraining older or less-educated workers for knowledge-based work.

Conclusion

Through its economic transformation after the fall of the Soviet Union, the Czech Republic has become a model for many developing countries. However, it has also become a target of economic competition from the cheaper labor forces of developing countries in Eastern Europe and Asia. By adopting a high-tech, knowledge-based approach to economic development, Czechoslovakia can open new avenues to prosperity for itself and re-invent itself as model for developing countries......

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