{"id":28253,"date":"2025-01-07T21:41:27","date_gmt":"2025-01-07T20:41:27","guid":{"rendered":"https:\/\/autoklastr.cz\/cs\/?p=28253"},"modified":"2025-01-08T21:48:07","modified_gmt":"2025-01-08T20:48:07","slug":"trapeni-eurozony-a-nastup-trumpa-co-podle-ekonomu-ovlivni-rok-2025","status":"publish","type":"post","link":"https:\/\/autoklastr.cz\/en\/trapeni-eurozony-a-nastup-trumpa-co-podle-ekonomu-ovlivni-rok-2025\/","title":{"rendered":"Tr\u00e1pen\u00ed euroz\u00f3ny a n\u00e1stup Trumpa. Co podle ekonom\u016f ovlivn\u00ed rok 2025?"},"content":{"rendered":"

Mezi nejd\u016fle\u017eit\u011bj\u0161\u00ed zm\u011bny, kter\u00e9 lo\u0148sk\u00fd rok p\u0159inesl, pat\u0159\u00ed podle p\u0159edn\u00edch ekonom\u016f n\u00e1vrat inflace k\u00a0norm\u00e1ln\u00edm hodnot\u00e1m a stabilizace trhu s\u00a0energiemi. Mezi \u0161patn\u00fdmi trendy, kter\u00e9 rok 2024 nastolil \u010di prohloubil, vynik\u00e1 zejm\u00e9na stagnace n\u011bmeck\u00e9 ekonomiky. Leto\u0161n\u00ed rok bude ve znamen\u00ed o\u010dek\u00e1van\u00e9ho sni\u017eov\u00e1n\u00ed \u00farokov\u00fdch sazeb hlavn\u00edch sv\u011btov\u00fdch centr\u00e1ln\u00edch bank. Za divokou kartu ozna\u010duj\u00ed ekonomov\u00e9 n\u00e1stup staronov\u00e9ho americk\u00e9ho prezidenta Donalda Trumpa a ot\u00e1zku, zda spln\u00ed sv\u00e9 p\u0159edvolebn\u00ed sliby, kter\u00e9 obn\u00e1\u0161ej\u00ed podporu americk\u00e9 ekonomiky a uvalen\u00ed cel na dovozy z\u00a0t\u0159et\u00edch zem\u00ed.<\/strong><\/p>\n

V\u00edt Hradil, hlavn\u00ed ekonom finan\u010dn\u00ed spole\u010dnosti Cyrrus<\/strong><\/h3>\n

\u00a0\"\"<\/p>\n

Hlavn\u00ed ekonom spole\u010dnosti Cyrrus V\u00edt Hradil. Foto: Cyrrus<\/em><\/p>\n

Jak hodnot\u00edte z ekonomick\u00e9ho pohledu rok 2024? Byl dobr\u00fd nebo sp\u00ed\u0161e \u0161patn\u00fd?<\/strong><\/p>\n

Kdybych se dnes probudil z\u00a0n\u011bkolikalet\u00e9ho k\u00f3matu a bez znalosti kontextu si p\u0159e\u010detl makroekonomick\u00e9 v\u00fdsledky, \u0159ekl bych, \u017ee musel b\u00fdt \u0161patn\u00fd. S\u00a0p\u0159ihl\u00e9dnut\u00edm k\u00a0okolnostem jej ov\u0161em naopak hodnot\u00edm jako vlastn\u011b vyda\u0159en\u00fd. R\u016fst pobl\u00ed\u017e jednoho procenta, ke kter\u00e9mu z\u0159ejm\u011b sm\u011b\u0159ujeme, je na \u010desk\u00e9 historick\u00e9 pom\u011bry slab\u00fd, ov\u0161em vzhledem k\u00a0ned\u00e1vn\u00e9mu propadu re\u00e1ln\u00fdch p\u0159\u00edjm\u016f \u010desk\u00fdch dom\u00e1cnost\u00ed, pokra\u010duj\u00edc\u00ed v\u00e1lce na Ukrajin\u011b, zp\u0159etrh\u00e1n\u00ed obchodn\u00edch vazeb s\u00a0Ruskem a nad\u00e1le relativn\u011b vysok\u00fdm \u00farokov\u00fdm sazb\u00e1m u n\u00e1s i v\u00a0euroz\u00f3n\u011b, se jedn\u00e1 o maximum mo\u017en\u00e9ho a dobr\u00fd z\u00e1klad pro budouc\u00ed dynami\u010dt\u011bj\u0161\u00ed ekonomick\u00e9 zotaven\u00ed. Podobn\u011b deficit st\u00e1tn\u00edho rozpo\u010dtu na \u00farovni 280 miliard vypad\u00e1 na prvn\u00ed pohled p\u0159\u00ed\u0161ern\u011b, ale jeho p\u0159\u00ed\u010diny sahaj\u00ed a\u017e do pandemick\u00e9ho roku 2020 a nen\u00ed t\u011b\u017ek\u00e9 si domyslet, \u017ee sou\u010dasn\u00e1 vl\u00e1da mohla s\u00a0odkazem na nep\u0159\u00edzniv\u00e9 okolnosti rozhazovat je\u0161t\u011b mnohem v\u00edce. \u010ceskou tradic\u00ed pak je nad\u00e1le miziv\u00e1 nezam\u011bstnanost a relativn\u011b slu\u0161n\u011b se dr\u017eel i kurz \u010desk\u00e9 koruny.<\/p>\n

Co podle v\u00e1s byly nejd\u016fle\u017eit\u011bj\u0161\u00ed ekonomick\u00e9 ud\u00e1losti a trendy roku 2024, kter\u00e9 ekonomiku ovlivnily negativn\u011b a pozitivn\u011b?<\/strong><\/p>\n

Negativem byla hlavn\u011b a\u017e ne\u010dekan\u011b \u0161patn\u00e1 kondice pr\u016fmyslov\u00e9ho sektoru, hlavn\u011b pak toho nav\u00e1zan\u00e9ho na zahrani\u010dn\u00edho popt\u00e1vku. Zat\u00edmco je\u0161t\u011b doned\u00e1vna existovala nad\u011bje, \u017ee se jedn\u00e1 o pouh\u00e9 cyklick\u00e9 oslaben\u00ed, kter\u00e9 se d\u0159\u00edve \u010di pozd\u011bji zase oto\u010d\u00ed, nyn\u00ed se trochu ob\u00e1v\u00e1m, \u017ee jde sp\u00ed\u0161e o projev struktur\u00e1ln\u00edch probl\u00e9m\u016f, kter\u00e9 bezbolestn\u011b neodezn\u00ed.<\/p>\n

Jednozna\u010dn\u011b nejv\u011bt\u0161\u00edm pozitivem naopak bylo zkrocen\u00ed spot\u0159ebitelsk\u00e9 inflace, kter\u00e1 uk\u00e1zkov\u011b spadla z\u00a0dvoucifern\u00fdch hodnot zp\u011bt do bl\u00edzkosti dvouprocentn\u00edho c\u00edle. \u010c\u00e1ste\u010dn\u011b tomu sice dopomohla nep\u0159\u00edjemn\u00e1 okolnost, kdy\u017e \u010ce\u0161i vlivem propadu re\u00e1ln\u00fdch p\u0159\u00edjm\u016f a mraziv\u00e9 ekonomick\u00e9 n\u00e1lady jednodu\u0161e p\u0159estali nakupovat a t\u00edm znemo\u017enili dal\u0161\u00ed zdra\u017eov\u00e1n\u00ed, ov\u0161em po\u010d\u00edt\u00e1 se hlavn\u011b v\u00fdsledek, a ten je p\u0159\u00edzniv\u00fd.<\/p>\n

Co o\u010dek\u00e1v\u00e1te od roku 2025? Co bude v tomto roce ovliv\u0148ovat sv\u011btovou a \u010deskou ekonomiku?<\/strong><\/p>\n

Hlavn\u00ed nezn\u00e1mou pro m\u011b bude Donald Trump a to jak z\u00a0pohledu dom\u00e1c\u00ed tak i sv\u011btov\u00e9 ekonomiky. V\u00a0hororov\u00e9m sc\u00e9n\u00e1\u0159i Trump skute\u010dn\u011b zavede avizovan\u00e1 a\u017e 20procentn\u00ed cla na v\u0161echny zem\u011b v\u010detn\u011b t\u011bch evropsk\u00fdch \u2013 \u010d\u00edm\u017e rozpout\u00e1 glob\u00e1ln\u00ed obchodn\u00ed konflikt \u2013 a neobratn\u011b \u201evy\u0159e\u0161\u00ed\u201c v\u00e1lku na Ukrajin\u011b nev\u00fdhodn\u00fdm p\u0159\u00edm\u011b\u0159\u00edm nebo naopak nedomy\u0161lenou eskalac\u00ed. V\u00a0pozitivn\u00edm sc\u00e9n\u00e1\u0159i se Trump s\u00a0Evropou dohodne na oboustrann\u011b p\u0159ijateln\u00e9m obchodn\u00edm sch\u00e9matu a v\u00e1lku na Ukrajin\u011b p\u0159ibl\u00ed\u017e\u00ed k\u00a0v\u00fdsledku, kter\u00fd je pro n\u00e1s \u017e\u00e1douc\u00ed, tedy k\u00a0dlouhodob\u011b udr\u017eiteln\u00e9mu a pokud mo\u017eno spravedliv\u00e9mu uklidn\u011bn\u00ed. P\u0159edstavit si pochopiteln\u011b lze i cokoliv mezi t\u011bmito dv\u011bma extr\u00e9my.<\/p>\n

Co by bylo t\u0159eba ud\u011blat v hospod\u00e1\u0159sk\u00e9 politice, aby byl rok 2025 \u00fasp\u011b\u0161n\u011bj\u0161\u00ed ne\u017e rok 2024?<\/strong><\/p>\n

Hospod\u00e1\u0159sk\u00e1 politika funguje s\u00a0pom\u011brn\u011b velkou prodlevou, kdy se sebelep\u0161\u00ed zm\u011bny obvykle projev\u00ed teprve p\u00e1r let po implementaci. Rok 2025 tedy ji\u017e politici sp\u00ed\u0161e neovlivn\u00ed. Osobn\u011b bych byl spokojen, kdyby sn\u011bmovn\u00ed volby nep\u0159inesly pos\u00edlen\u00ed antisyst\u00e9mov\u00fdch politick\u00fdch n\u00e1zor\u016f. \u010cesk\u00e1 ekonomika si zvl\u00e1dne n\u011bjak poradit s\u00a0vl\u00e1dou levice i pravice, konzervativc\u016f i liber\u00e1l\u016f, ale smrteln\u011b by ji mohl ohrozit odklon od princip\u016f voln\u00e9ho trhu, demokracie a ukotven\u00ed v\u00a0z\u00e1padn\u00edm civiliza\u010dn\u00edm okruhu.<\/p>\n

Pavel Peterka, hlavn\u00ed ekonom XTB CZ\/SK<\/strong><\/h3>\n

\u00a0\"\"<\/p>\n

Hlavn\u00ed ekonom finan\u010dn\u00ed spole\u010dnosti XTB Pavel Peterka. Foto: archiv Pavla Peterky<\/em><\/p>\n

*Jak hodnot\u00edte z ekonomick\u00e9ho pohledu rok 2024? Byl dobr\u00fd nebo sp\u00ed\u0161e \u0161patn\u00fd?<\/strong><\/p>\n

Po n\u00e1ro\u010dn\u00fdch pandemick\u00fdch letech a energetick\u00e9 krizi byl rok 2024 p\u0159\u00edjemnou zm\u011bnou. O \u017e\u00e1dn\u00fd hospod\u00e1\u0159sk\u00fd z\u00e1zrak se nejednalo. R\u016fst ekonomiky v re\u00e1ln\u00e9m vyj\u00e1d\u0159en\u00ed z\u0159ejm\u011b p\u0159ekon\u00e1 \u00farove\u0148 jednoho procenta \u2013 p\u0159edev\u0161\u00edm z d\u016fvodu o\u017eiven\u00ed zahrani\u010dn\u00edho obchodu a \u00fatlumu inflace, co\u017e pos\u00edlilo kupn\u00ed s\u00edlu dom\u00e1cnost\u00ed a spot\u0159ebu. P\u0159esto\u017ee nedo\u0161lo k z\u00e1sadn\u00ed akceleraci ekonomick\u00e9ho r\u016fstu a r\u016fstu mezd, byl rok 2024 podstatn\u011b lep\u0161\u00edm ne\u017e roky p\u0159edchoz\u00ed. R\u016fst cen se poda\u0159ilo udr\u017eet v toleran\u010dn\u00edm p\u00e1smu infla\u010dn\u00edho c\u00edle \u010cNB na dvou procentech plus minus jeden procentn\u00ed bod. Inflace v\u0161ak z\u016fst\u00e1v\u00e1 st\u00e1le zv\u00fd\u0161en\u00e1 a dynamika cen potravin a slu\u017eeb bude jej\u00ed dal\u0161\u00ed pokles brzdit.<\/p>\n

Co podle v\u00e1s byly nejd\u016fle\u017eit\u011bj\u0161\u00ed ekonomick\u00e9 ud\u00e1losti a trendy roku 2024, kter\u00e9 ekonomiku ovlivnily negativn\u011b a pozitivn\u011b?<\/strong><\/p>\n

Mezi nejd\u016fle\u017eit\u011bj\u0161\u00ed ekonomick\u00e9 trendy z roku 2024 lze bezpochyby za\u0159adit pokles inflace nejen v \u010cesk\u00e9 republice, ale i ve v\u011bt\u0161in\u011b region\u016f sv\u011bta, co\u017e nap\u0159\u00edklad \u0159ad\u011b centr\u00e1ln\u00edch bank umo\u017enilo sni\u017eovat \u00farokov\u00e9 sazby a \u201czlevnit\u201d tak dluhov\u00e9 financov\u00e1n\u00ed s pozitivn\u00edm vlivem na aktivitu firem a spot\u0159ebu dom\u00e1cnost\u00ed. S t\u00edm \u00fazce souvis\u00ed stabilizace energetick\u00fdch trh\u016f, kter\u00e1 pomohla tlumit v\u00fd\u0161e zm\u00edn\u011bnou inflaci. V\u00fdznamn\u00fdm trendem byl i technologick\u00fd pokrok a r\u016fst adopce AI a dal\u0161\u00edch technologi\u00ed nejen v b\u011b\u017en\u00e9m \u017eivot\u011b, ale i ve fungov\u00e1n\u00ed firem. To se projevilo nap\u0159\u00edklad na r\u016fstu cen akci\u00ed technologick\u00fdch firem.<\/p>\n

Nejz\u00e1sadn\u011bj\u0161\u00ed negativn\u00ed ekonomick\u00e9 ud\u00e1losti se odehr\u00e1ly v oblasti geopolitiky, kde st\u00e1le pokra\u010duje v\u00e1lka na Ukrajin\u011b a probl\u00e9my na Bl\u00edzk\u00e9m v\u00fdchod\u011b. V p\u0159\u00edpad\u011b obou konflikt\u016f hrozila a st\u00e1le hroz\u00ed dal\u0161\u00ed eskalace s potenci\u00e1ln\u011b katastrofick\u00fdmi n\u00e1sledky. Rok 2024 d\u00e1le poznamenal slab\u0161\u00ed v\u00fdkon \u010d\u00ednsk\u00e9 ekonomiky a hospod\u00e1\u0159sk\u00fd \u00fatlum \u0159ady st\u00e1t\u016f z d\u016fvodu vysok\u00fdch \u00farokov\u00fdch sazeb a drah\u00fdch energi\u00ed. P\u0159\u00edkladem m\u016f\u017ee b\u00fdt N\u011bmecko, kter\u00e9 trp\u00ed ztr\u00e1tou \u010d\u00e1sti sv\u00e9 konkurenceschopnosti nejen v pr\u016fmyslu.<\/p>\n

Co o\u010dek\u00e1v\u00e1te od roku 2025? Co bude v tomto roce ovliv\u0148ovat sv\u011btovou a \u010deskou ekonomiku?<\/strong><\/p>\n

Od roku 2025 o\u010dek\u00e1v\u00e1m pokra\u010dov\u00e1n\u00ed trend\u016f, ale v prost\u0159ed\u00ed vy\u0161\u0161\u00ed volatility. \u010cesk\u00e1 ekonomika podle na\u0161ich odhad\u016f poroste v re\u00e1ln\u00e9m vyj\u00e1d\u0159en\u00ed zhruba o dv\u011b procenta. Euroz\u00f3na se bude sp\u00ed\u0161e tr\u00e1pit a jej\u00ed r\u016fst bude okolo jednoho procenta a v N\u011bmecku o\u010dek\u00e1v\u00e1me tzv. zelenou nulu, tedy r\u016fst bl\u00edzko nuly. R\u016fst americk\u00e9 ekonomiky bude v p\u00e1smu 2,0 a\u017e 2,5 procenta a \u010d\u00ednsk\u00e1 ekonomika bude pokra\u010dovat ve \u201cslab\u0161\u00edm\u201d r\u016fstu okolo 4,5 procenta.<\/p>\n

Z\u00e1sadn\u00edm faktorem bude pokles \u00farokov\u00fdch sazeb v\u011bt\u0161iny sv\u011btov\u00fdch centr\u00e1ln\u00edch bank. O\u010dek\u00e1v\u00e1m, \u017ee ECB bude sazby sni\u017eovat rychleji ne\u017e americk\u00fd Fed z d\u016fvodu slab\u00e9ho hospod\u00e1\u0159sk\u00e9ho v\u00fdkonu Evropy a slab\u0161\u00edch infla\u010dn\u00edch tlak\u016f ve srovn\u00e1n\u00ed s USA. Pokles sazeb by se m\u011bl pozitivn\u011b projevit na ekonomick\u00e9 v\u00fdkonnosti jednotliv\u00fdch zem\u00ed.<\/p>\n

St\u00e1le v\u0161ak existuje \u0159ada nejistot a rizik. V \u010dele stoj\u00ed geopolitick\u00e9 tlaky \u2013 v\u00e1lka na Ukrajin\u011b, probl\u00e9my na Bl\u00edzk\u00e9m v\u00fdchod\u011b a dal\u0161\u00ed zhor\u0161en\u00ed vztah\u016f Taiwan \u2013 \u010c\u00edna. V\u00fdvoj v t\u011bchto oblastech bude do zna\u010dn\u00e9 m\u00edry ur\u010dovat (ne)\u00fasp\u011bch glob\u00e1ln\u00ed ekonomiky v roce 2025. Dal\u0161\u00edm probl\u00e9mem je vytrvalost infla\u010dn\u00edch tlak\u016f v USA, \u010cR a dal\u0161\u00edch zem\u00ed Evropy. Boj s inflac\u00ed je\u0161t\u011b nen\u00ed u konce a nad o\u010dek\u00e1v\u00e1n\u00ed vy\u0161\u0161\u00ed dynamika cen, kterou by mohl podpo\u0159it Donald Trump, m\u016f\u017ee v\u00e9st k pomalej\u0161\u00edmu poklesu sazeb a oproti o\u010dek\u00e1v\u00e1n\u00ed ni\u017e\u0161\u00edmu stimulu ekonomiky skrze kan\u00e1l m\u011bnov\u00e9 politiky.<\/p>\n

Dal\u0161\u00ed divokou kartou je pak Donald Trump a jeho p\u0159edvolebn\u00ed sliby, kdy i velk\u00e1 \u010d\u00e1st jeho fanou\u0161k\u016f douf\u00e1, \u017ee poslechne rozum a v\u00fdznamnou \u010d\u00e1st t\u011bchto slib\u016f, jako nap\u0159\u00edklad zaveden\u00ed univerz\u00e1ln\u00edch cel, v\u016fbec nespln\u00ed. Rok 2025 bude rokem volatility.<\/p>\n

Co by bylo t\u0159eba ud\u011blat v hospod\u00e1\u0159sk\u00e9 politice, aby byl rok 2025 \u00fasp\u011b\u0161n\u011bj\u0161\u00ed ne\u017e rok 2024?<\/strong><\/p>\n

Pro \u010ceskou republiku tkv\u00ed kl\u00ed\u010dov\u00e9 oblasti ve stabilizaci ve\u0159ejn\u00fdch financ\u00ed, podpo\u0159e masivn\u00ed v\u00fdstavby reziden\u010dn\u00edho bydlen\u00ed skrze deregulaci a rozvoln\u011bn\u00ed \u00fazemn\u00edch pl\u00e1n\u016f, d\u016fchodov\u00e9 reform\u011b, v z\u00e1sadn\u00edm pos\u00edlen\u00ed p\u0159ed\u0161koln\u00ed p\u00e9\u010de, rozs\u00e1hl\u00e9 deregulaci ekonomiky, podpory v\u011bdy, v\u00fdzkumu a vzd\u011bl\u00e1v\u00e1n\u00ed a digitalizaci ve\u0159ejn\u00e9ho sektoru.<\/p>\n

Michal Sko\u0159epa, ekonom \u010cesk\u00e9 spo\u0159itelny a p\u0159edseda V\u00fdboru pro rozpo\u010dtov\u00e9 progn\u00f3zy<\/strong><\/h3>\n

\u00a0\"\"<\/p>\n

Michal Sko\u0159epa, ekonom \u010cesk\u00e9 spo\u0159itelny a p\u0159edseda V\u00fdboru pro rozpo\u010dtov\u00e9 progn\u00f3zy. Foto: \u010cS<\/em><\/p>\n

Jak hodnot\u00edte z\u00a0ekonomick\u00e9ho pohledu rok 2024? Byl dobr\u00fd nebo sp\u00ed\u0161e \u0161patn\u00fd?<\/strong><\/p>\n

Z\u00a0pohledu ekonomick\u00e9ho r\u016fstu byl rok 2024 jednozna\u010dn\u011b zklam\u00e1n\u00edm. Konkr\u00e9tn\u011b pro zam\u011bstnance ale bylo dobrou zpr\u00e1vou, \u017ee toto zklam\u00e1n\u00ed nep\u0159ineslo\u00a0n\u00e1r\u016fst nezam\u011bstnanosti.<\/p>\n

Co podle v\u00e1s byly nejd\u016fle\u017eit\u011bj\u0161\u00ed ekonomick\u00e9 ud\u00e1losti a trendy roku 2024, kter\u00e9 ekonomiku ovlivnily negativn\u011b a pozitivn\u011b?<\/strong><\/p>\n

Nep\u0159\u00edzniv\u00fdm trendem bylo pokra\u010dov\u00e1n\u00ed stagnace n\u011bmeck\u00e9 ekonomiky, v jeho\u017e pozad\u00ed byl mimo jin\u00e9 i v\u00fdvoj \u010d\u00ednsk\u00e9 ekonomiky, kde popt\u00e1vkov\u00e1 strana byla nad\u00e1le slab\u00e1, zat\u00edmco nab\u00eddkov\u00e1 strana byla pro n\u011bmeck\u00e9 firmy \u010d\u00edm d\u00e1l v\u011bt\u0161\u00ed konkurenc\u00ed.\u00a0Pozitivn\u00ed vliv jist\u011b m\u011blo tolik o\u010dek\u00e1van\u00e9 zklidn\u011bn\u00ed na poli inflace.<\/p>\n

Co o\u010dek\u00e1v\u00e1te od roku 2025? Co bude v\u00a0tomto roce ovliv\u0148ovat sv\u011btovou a \u010deskou ekonomiku?<\/strong><\/p>\n

Rok 2025 by snad u\u017e kone\u010dn\u011b m\u011bl p\u0159in\u00e9st o\u017eiven\u00ed do n\u011bmeck\u00e9 a \u010d\u00ednsk\u00e9 ekonomiky. Velk\u00e1\u00a0rizika se ov\u0161em poj\u00ed s rozhodov\u00e1n\u00edm nastupuj\u00edc\u00ed americk\u00e9 vl\u00e1dn\u00ed administrativy, do jak\u00e9 m\u00edry naplnit Trumpovy p\u0159edvolebn\u00ed zm\u00ednky o vy\u0161\u0161\u00edch dovozn\u00edch clech nebo p\u0159i\u0161krcen\u00ed imigrace. A\u017e na p\u0159elomu tohoto a p\u0159\u00ed\u0161t\u00edho roku\u00a0bude d\u016fle\u017eitou dom\u00e1c\u00ed ud\u00e1lost\u00ed s mo\u017en\u00fdmi ekonomick\u00fdmi dopady\u00a0n\u00e1stup nov\u00e9 \u010desk\u00e9 vl\u00e1dy vze\u0161l\u00e9 z podzimn\u00edch parlamentn\u00edch voleb.<\/p>\n

Co by bylo t\u0159eba ud\u011blat v hospod\u00e1\u0159sk\u00e9 politice, aby byl rok 2025 \u00fasp\u011b\u0161n\u011bj\u0161\u00ed ne\u017e rok 2024?<\/strong><\/p>\n

Hospod\u00e1\u0159sk\u00e1 politika t\u0159eba v oblasti dan\u00ed nebo regulace bohu\u017eel obvykle\u00a0ovliv\u0148uje ekonomiku a\u017e se zpo\u017ed\u011bn\u00edm mnoha \u010dtvrtlet\u00ed, nebo i let. Nejrychlej\u0161\u00ed podp\u016frn\u00fd efekt tak\u00a0nejsp\u00ed\u0161 bude m\u00edt sni\u017eov\u00e1n\u00ed \u00farokov\u00fdch sazeb ze strany \u010cNB, ov\u0161em jen v rozsahu, kter\u00fd nepos\u00edl\u00ed riziko n\u00e1vratu zv\u00fd\u0161en\u00e9 popt\u00e1vkov\u00e9 inflace.<\/p>\n

 <\/p>\n

Zdroj: ekonomickydenik.cz<\/p>\n","protected":false},"excerpt":{"rendered":"

Mezi nejd\u016fle\u017eit\u011bj\u0161\u00ed zm\u011bny, kter\u00e9 lo\u0148sk\u00fd rok p\u0159inesl, pat\u0159\u00ed podle p\u0159edn\u00edch ekonom\u016f n\u00e1vrat inflace k\u00a0norm\u00e1ln\u00edm hodnot\u00e1m a stabilizace trhu s\u00a0energiemi. Mezi \u0161patn\u00fdmi trendy, kter\u00e9 rok 2024 nastolil \u010di prohloubil, vynik\u00e1 zejm\u00e9na stagnace n\u011bmeck\u00e9 ekonomiky. Leto\u0161n\u00ed rok bude ve znamen\u00ed o\u010dek\u00e1van\u00e9ho sni\u017eov\u00e1n\u00ed \u00farokov\u00fdch sazeb hlavn\u00edch sv\u011btov\u00fdch centr\u00e1ln\u00edch bank. Za divokou kartu ozna\u010duj\u00ed ekonomov\u00e9 n\u00e1stup staronov\u00e9ho americk\u00e9ho prezidenta […]<\/p>\n","protected":false},"author":81,"featured_media":28254,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"kategorie_prispevku":[],"acf":[],"yoast_head":"\nTr\u00e1pen\u00ed euroz\u00f3ny a n\u00e1stup Trumpa. 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