Minister: Budget deficit could be far higher than figure approved on Wednesday


The Czech Republic’s budget deficit could rise to CZK 70 billion next year due to a slowing of the economy, the minister of labour, Petr Nečas, said on a TV debate programme on Sunday. He said if there was a recession the shortfall could be even greater. The 2009 budget, which was approved by the Chamber of Deputies on Wednesday, envisages a deficit of CZK 38.1 billion. Minister Nečas said the government would reassess the budget at the beginning of 2009 according to economic developments in the latter part of this year.