A person from CNB will serve on a multinational team

He worked for six years in the Banking Group of the Czech National Bank (CNB). Vojtěch Benda took over as Chief Economist of domestic bank ING after a half-year hiatus.

Thus he returns to the company he knows from his previous job. Between 2006 and 2012, he worked as a Senior Economist at ING Group’s International Economic Research Group.

According to him, 2023 will not be easy for the domestic economy. “However, economic weakness will not exceed the global economic collapse during the Great Financial Crisis of 2008 and 2009. The difference lies primarily in the persistence of inflationary pressures, which will gradually decrease,” says Wojtych Benda. SZ Business.

You are returning to ING after many years. What do you want to focus on? How would this move be different?

I am eager to work in a private bank. Moving from a purely national financial institution to an international financial group was quite a change, but it was not unfamiliar waters for me. However, the job of an economist has changed a lot over the years. In addition to sustainable forecasts, I would like to focus more on the analysis of economic sectors from the perspective of the deep importance of long-term sustainability.

What do you think awaits the economy in 2023? Do you agree with the opinion of many traders that it can be very difficult?

2023 will not be easy for the Czech economy. Already in the second half of last year, we entered a recession caused by an unprecedented rise in price levels and a decline in the purchasing power of households. Most other countries are in the same position. In addition to expensive commodities, the ongoing Covid episodes in China and other countries could hamper the recovery of the global economy.

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However, economic weakness will be far from surpassing the global economic collapse during the Great Financial Crisis of 2008 and 2009. The difference lies mainly in the persistence of inflationary pressures, which will gradually ease.

What should Czech companies do to stay competitive?

The competitiveness of domestic firms will adapt to an environment of persistently high energy prices and the central bank’s and government’s success in reducing inflationary pressures.

Six months of “isolation” after leaving the Czech National Bank also ended for former deputy governor Tomasz Nidetzka. As SZ Byznys announced in December, he is running for the post of director of the National Development Bank. The bank’s selection committee comprising stakeholders from the Ministry of Finance, Ministry of Industry and Commerce and Ministry of Regional Development is yet to announce the winners.

Wojtych Benda in his office at CNB.Video: Sylvie Friedmannova, list of news

Vojtěch Penta

  • Economist, ING’s Chief Economist from January 2023.
  • In 2016-2022, member of the banking board of the Czech National Bank.
  • He joined the Central Bank while studying at the Prague University of Economics and was later an economic analyst.
  • From 2006-2012, he worked as a Senior Economist at the International Economic Research Group of ING Finance Group.
  • Later he was Chief Economist at BH Securities in charge of Equity Market Analysis and Strategy. Since 2014, he has been an advisor to Jiri Rusnok, a member of the CNB Bank Board.

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