EU gradually became the recipient

[roshniakter123]

The reforms soon bore fruit: in 1996, the average annual income per capita was already $6,500. During the socialist bloc, the Czech Republic's main trading partner was the Soviet Union. Since the 1990s, the Czech Republic has been actively replacing the Russian market with the Western market and attracting Western investment, especially from Germany, the Netherlands, and the United States. By 1998, the privatization process was virtually complete, with 80% of enterprises already in the hands of private owners.


In 1995, the Czech Republic joined the Organization japan mobile database for Economic Co-operation and Development (OECD). In the same year, the Czech Republic signed an association agreement with the European Union. As a result, Czech products entered the EU market duty-free. The Czech Republic's dependence on the Russian market decreased, and the of 80% of its exports. In 1999, the Czech Republic became a member of NATO, and in 2004, of the European Union.


In 2007, it joined the Schengen area. Before joining the EU, the average growth rate of the Czech economy in 2000-2003 was 3%, and in 2004-2007 it increased to 6%. In the year before joining the EU, in 2003, the average income per capita in the Czech Republic was about $10,000 per year, which increased 2.3 times over the next 5 years to $23,000. The global economic crisis of 2009 also affected the Czech Republic, with the economy shrinking by 5%.