Global Position of the US Economy and Its Impact on the Economy of the Czech Republic

Abstract

Research background: The economy with the strongest influence on world affairs, international politics and world economy is undoubtedly the economy of the United States of America. In the Czech Republic, after the revolution, the USA quickly came to the forefront of interest and mutual foreign trade grew significantly. However, their global influence was significantly reflected not only in economic aspects, but also in sociological aspects. In recent years, the so-called “Americanization” has been taking place in the Czech Republic. American terms were often adopted in the commonly used Czech language, and the demand for American goods increased significantly. Purpose of the article: The objective of the presented text is to evaluate development of the influence of the USA on the economy of the Czech Republic by analysing the development of key macroeconomic quantities, in particular gross domestic product, gross national product, balance of payments and foreign trade. Based on the results of this analysis, the future development of the Czech economy, more precisely opportunities and impacts arising from mutual trade relations between the American and Czech economies, is predicated. Methods: Descriptive statistic. Findings & Value added: The results of the research showed a gradual expansion of the influence of the American economy in the Czech Republic, which began after 1989 and continues to this day. This influence manifested itself in several aspects. It was reflected in the structure of mutual foreign trade, and also in the Czech culture and the Czech language (adoption of English terms into the Czech language). The further potential of mutual trade is highlighted out by comparing the structure of export and import from the USA in total and export and import from the USA to the Czech Republic.