developed high-income export-oriented social market economy welfare state European social model European Single Market European Union economy of the European Union Czech koruna euro OECD Monetary policy Czech National Bank Constitution UN inequality-adjusted human development World Bank Human Capital Index The Guardian Europe Czech market economy
The Czech Republic has a developed, high-income export-oriented social market economy based in services, manufacturing and innovation, that maintains a welfare state and the European social model. The Czech Republic participates in the European Single Market as a member of the European Union and is therefore a part of the economy of the European Union, but uses its own currency, the Czech koruna, instead of the euro. It has a per capita GDP rate that is 91% of the EU average and is a member of the OECD. Monetary policy is conducted by the Czech National Bank, whose independence is guaranteed by the Constitution. The Czech Republic ranks 12th in the UN inequality-adjusted human development and 24th in World Bank Human Capital Index. It was described by The Guardian as "one of Europe's most flourishing economies".
