Standard of living in the Czech Republic

The Czech Republic is an advanced Central European country with increasing standards of living. Its rich history has left a significant historical legacy, spectacular architecture and beautiful cultural works. Personalities of past and present times remain a source of pride for the Czech Republic. Many Czechs have received worldwide recognition in different branches of the sciences, arts and sports. The Czech Republic has been a member state of the European Union since 2004, and actively participates through membership in a wide range of international organizations. The Czech Republic welcomes several millions of tourists annually. Visitors usually come seeking culture, sports or relaxation. Thousands of businesspeople, students and expatriates live in the Czech Republic on a long-term basis. Currently, the Czech Republic ranks among the fastest-developing countries in the region and compensates for the delay that resulted from the historical development. It is important that the Czech Republic did not become just a workshop for foreign investors, but that the human potential allowed the country to create products of great added value. The territory of the Czech Republic was one of the most economically developed parts of Europe at the beginning of the last century. It was the most industrial part of Austria-Hungary. After the establishment of an independent state in 1918, then ranked among the top twenty developed states in the world.