Croatia Country Economic Memorandum : A Strategy for Growth through European Integration, Volume 1. Summary Report

For Croatia, the challenge is to create conditions that will attract investment and produce growth. These conditions can broadly be categorized as (a) stable, progressive and predictable laws and institutions; (b) efficient labor and financial mark...

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Bibliographic Details
Main Author:	World Bank
Format:	Country Economic Memorandum
Language:	English en_US
Published:	Washington, DC 2013
Subjects:	ACCOUNTING AGGREGATE DEMAND AGRICULTURE ALLOCATION OF RESOURCES ASSET MANAGEMENT ASSETS AUTHORITY BALANCE SHEETS BANKING SECTOR BANKING SYSTEM BANKRUPTCY BANKRUPTCY COURTS BANKRUPTCY PROCEDURES BANKRUPTCY PROCEEDINGS BANKS BENCHMARK BUDGET CONSTRAINTS BUDGET DEFICIT BUDGET DEFICITS CAPITAL EXPENDITURES CAPITAL MARKETS CIVIL SERVICE COMPETITIVENESS CONSOLIDATION CORPORATE GOVERNANCE CORRUPTION DEBT DEPOSIT INSURANCE DEPRECIATION DISCLOSURE ECONOMIC GROWTH ECONOMIC RESEARCH ECONOMIC SITUATION EMPLOYMENT ENACTMENT ENTERPRISE RESTRUCTURING EXCHANGE RATE FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL REQUIREMENTS FINANCIAL SECTOR FINANCIAL STABILITY FINANCIAL SYSTEM FISCAL FISCAL DEFICIT FISCAL DEFICITS FISCAL POLICIES FISCAL POLICY FISCAL PROBLEMS FISCAL REFORM FOREIGN DIRECT INVESTMENT FOREIGN INVESTMENT FREE TRADE GDP GOVERNMENT AGENCIES GOVERNMENT'S POLICY GROWTH POTENTIAL HARD BUDGET CONSTRAINTS HIGH UNEMPLOYMENT HUMAN CAPITAL IMPORTS INFLATION INFLATION RATE INSTITUTIONAL CAPACITY INSTITUTIONAL DEVELOPMENT INSTITUTIONAL FRAMEWORK INTEREST RATES INTERNATIONAL RESERVES INVESTMENT CLIMATE JUDICIARY KNOWLEDGE ECONOMY LABOR FORCE LABOR MARKET LABOR MARKETS LABOR PRODUCTIVITY LAWS LEGAL FRAMEWORK LEGISLATION LEGISLATIVE FRAMEWORK MACROECONOMIC STABILIZATION MACROECONOMIC STABILIZATION POLICIES MACROECONOMICS MARGINAL COST MEMBER STATES MONETARY POLICY NET LOSSES PAYROLL TAXES PENSIONS POLLUTION PREFERENTIAL TREATMENT PRIVATE SECTOR PARTICIPATION PRIVATIZATION PRIVATIZATION OF STATE PRIVATIZATION PROCEEDS PRODUCTIVITY PROPERTY RIGHTS PRUDENTIAL REGULATIONS PUBLIC ADMINISTRATION PUBLIC ADMINISTRATION REFORM PUBLIC DEBT PUBLIC ENTERPRISES PUBLIC EXPENDITURE PUBLIC EXPENDITURES PUBLIC GOODS PUBLIC HEALTH PUBLIC SECTOR PUBLIC SPENDING PUBLIC UTILITIES RATIONALIZATION REAL GDP RECAPITALIZATION REGIONAL INTEGRATION REHABILITATION REVENUE MOBILIZATION SAVINGS SOCIAL PROTECTION SOCIAL SECURITY SOCIAL WELFARE SOFT BUDGET CONSTRAINTS STATE AID STATE-OWNED ENTERPRISES SUSTAINABLE GROWTH TAX RATES TAX REVENUES TRADE FLOWS TRADE LIBERALIZATION TRADE TAXES TRANSPORT UNEMPLOYMENT UNEMPLOYMENT RATE VALUE ADDED WAGES WELFARE SYSTEM WORLD TRADE ORGANIZATION WTO EURROPEAN INTEGRATION STRUCTURAL REFORMS INVESTMENT ENVIRONMENT GROWTH PROMOTION JUDICIAL REFORM JOB CREATION POLICIES BUSINESS ENVIRONMENT KNOWLEDGE TRANSFER PUBLIC EXPENDITURES FOR HEALTH WAGE LEVELS GOVERNMENT SPENDING POLICY SOCIAL SECURITY SYSTEMS CIVIL SERVICE REFORMS COURT PROCEDURES SMALL CLAIMS COURTS UNEMPLOYMENT RATES BARRIERS TO ENTRY LABOR MARKET CHARACTERISTICS PRIVATIZATION OF PUBLIC ENTERPRISES DEBT SUSTAINABILITY EMPLOYMENT CREATION LAND RIGHTS HUMAN CAPITAL DEVELOPMENT
Online Access:	http://documents.worldbank.org/curated/en/2003/07/2466160/croatia-country-economic-memorandum-strategy-growth-through-european-integration-vol-1-2-summary-report http://hdl.handle.net/10986/14619

Description
Summary:	For Croatia, the challenge is to create conditions that will attract investment and produce growth. These conditions can broadly be categorized as (a) stable, progressive and predictable laws and institutions; (b) efficient labor and financial markets; (c) macroeconomic and financial stability; (d) social and environmental sustainability; (e) effective integration into the European infrastructure networks ensuring competitive cost and quality; and (f) a dynamic business-oriented environment which facilitates the production of high value added goods and promotes the adoption of efficient processes and innovative technologies. This Report proposes a reform strategy for faster economic growth through European integration. Other key inputs for creating a favorable investment climate and consolidating growth prospects include skilled labor, efficient financial markets, and high-quality cost-efficient infrastructure services. Croatia has already achieved substantial progress in these areas. However, pursuing reforms in these sectors would not be costly and would be good for growth and European integration. Thus, higher education reform should be pursued, as should reforms to create market-oriented infrastructure institutions as envisaged in EU Directives, including the institutional development of regulators and the strengthening of the competition agency. The highly competitive European environment requires, in particular, well-focused training and higher education programs that offer firms qualified staff and adequate skills for an innovation-driven knowledge economy. The further deepening of financial markets, which is closely connected to the reforms in the legal and institutional framework outlined above, ought to focus also on the strengthening of the regulatory and supervisory functions, particularly in the non-banking sectors. Similarly, market-oriented energy, transport, and communications are crucial to enhance the global competitiveness of the Croatian economy and to foster its integration into the European economy while creating opportunities for FDI.

Croatia Country Economic Memorandum : A Strategy for Growth through European Integration, Volume 1. Summary Report

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