OECD's periodic survey of the Czech economy. This 2010 edition includes chapters covering the challenge of fiscal consolidation after the crisis, pro-growth tax and benefit reform, and improving the business environment. The survey finds that the Czech economy was severely affected by the global downturn, owing to its high degree of openness and integration in global production chains. The fiscal position was also hit hard, prompting a rapid shift in policy from stimulus to consolidation. The medium-term challenges facing the country are principally concerned with creating conditions of rapid convergence with advanced OECD economies by restoring the sustainability of public finances and improving the business environment.