Changing its name from the Czech Republic to Czechia in 2016, this Central European country has recently been on the rise economically, and poverty in Czechia has improved. A current account recorded a trade surplus just under one percent of the Gross Domestic Product (GDP) in 2015. This was an increase of more than four percent in five years, from a deficit of 3.6 percent in 2010.
In categorical comparison with other countries, the picture of the position of poverty in Czechia – a small, landlocked nation – is bright.
GDP at Purchasing Power Parity (PPP) is a sound indicator of how poverty in Czechia affects the country as a whole, as it represents the final value of all goods and services produced in a single year factored at current United States exchange rates.
Poverty in Czechia is minimal and limited, based on GDP at PPP, as the country ranked 50th out of the 230 countries, nation-states and islands evaluated by the Central Intelligence Agency’s World Fact Book in 2016. The GDP at PPP for Czechia was a reported $315 billion in 2016. Comparatively, China is ranked number one with a GDP at PPP of more than $21 trillion and the small New Zealand island of Tokelau ranked last with a GDP at PPP of $1.5 million.
The actual GDP of Czechia in 2015 was $185.2 billion, according to The World Bank. With a population of 10.5 million people at the time, the GDP per capita was around $32,500 in 2015. Comparatively, Czechia ranked 58th in 2016 with a GDP per capita; Qatar ranked first, at $129,700 per capita and Somalia ranked 230th, or last, with a 2016 GDP per capita of merely $400.
According to The World Bank, poverty in Czechia was at 9.7 percent in 2013, a representative decrease in the percentage of people living at or below the poverty level from a decade prior, when the figure was at 10 percent.
The statistics and graphs shown on The World Bank’s database show large amounts of fluctuation in the poverty levels in Czechia over the last decade, rising and falling almost annually. While this figure fluctuates greatly, a stabilized number in the statistics on poverty in Czechia is the percentage of the population living on less than $1.90 a day. Less than a tenth of a percent of the Czechian population survives on less than $1.90, and that number has been the same for more than a half-decade.
The World Bank predicts a 2.5 percent growth in GDP this fiscal year (2017) for Czechia and a population growth under two-tenths of a percentage point. Currently, in the small, landlocked country–less than the size of South Carolina–there are 137 people per square kilometer.
The country’s Gross National Income in 2015 was around $18,000, and the lowest 20 percent of the earnings population accounted for 9.6 percent of the income share in 2012.
The average life expectancy in the country was 79.5 years in 2015, with 100 percent of the population having access to improved water systems. More than 99 percent of the people used improved sanitation facilities that year.
Poverty in Czechia is on the decline as the Central European member of the European Union saw a 4.5 percent growth in GDP in 2015. Compared to other countries being studied, Czechia is a stably improving country of prosperity, with its auto and manufacturing industries supporting internal growth.
– Shaun Savarese