Economic Reform In Czechoslovakia
(N.Z. Press Association —Copyright)
PRAGUE, December 20.
A sweeping economic reform which Western observers judge to be one of the boldest in the Soviet orbit, is just around the corner in Czechoslovakia —with all its potential benefits and hardships.
After heavy-handed centralist planning that caused years of stagnation, the reform
seems a step toward putting the economy on healthier feet. More realistic pricing, work incentives and greater autonomy for the managers of State-owned enterprises are among pivots of the new system, which was conceived after the economy suffered an outright slump in 1963. Things may get worse for many of the 14 million Czechoslovaks before they improve. Lower living standards, lay-offs and even a shrinkage in economic growth may be in store for a time.
The first stage of a vast revision of wholesale prices takes effect on January 1. The revision is to make prices reflect market conditions and give managers a yardstick to find out how plants can operate profitably. Wholesale prices are to be increased by an over-all average of 20 per cent, with turnover taxes to be slashed accordingly.
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Bibliographic details
Press, Volume CVI, Issue 31248, 21 December 1966, Page 21
Word Count
187Economic Reform In Czechoslovakia Press, Volume CVI, Issue 31248, 21 December 1966, Page 21
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