PRAGUE — Prague will not enter the race to host the 2020 Summer Olympics as planned due to the global economic crisis.

The city council of the Czech capital voted 11-0 Tuesday to cancel preparations for the bid, said Marketa Reedova, deputy mayor and council member. The decision is expected to be approved by Prague's municipal assembly on Thursday.

The council took into account a report by PricewaterhouseCoopers, which recommended the city use the funds needed for staging the games to ease the effects of the crisis.

The export-oriented Czech economy has been hit hard as its major trading partners — including Europe's biggest economy, Germany — face deep recession.