Croatia : A Strategy for Smart, Sustainable and Inclusive Growth
Croatia`s current economic challenges include sluggish growth, excessive public spending, high unemployment, and a deteriorating external environment. Croatian economy was making a fragile recovery and dealing with slow export growth, low investmen...
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| Format: | Brief |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2014
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| Online Access: | http://documents.worldbank.org/curated/en/2013/02/17481122/croatia-strategy-smart-sustainable-inclusive-growth-celebrating-40-years-progress http://hdl.handle.net/10986/17037 |
| Summary: | Croatia`s current economic challenges
include sluggish growth, excessive public spending, high
unemployment, and a deteriorating external environment.
Croatian economy was making a fragile recovery and dealing
with slow export growth, low investment, and persistent
unemployment. At the end of 2011, Croatia gross domestic
product (GDP) per capita (in purchasing power terms)
declined to 61 percent average, a loss of 2 percentage
points since 2008.The country incomplete structural reform
agenda needs attention and action to promote greater
competitiveness and a shift to productivity-based, private
sector-led growth. It also faces the strategic challenge of
maximizing the benefits of European Union (EU) membership,
especially in terms of access to markets and the use of EU
structural funds, requiring structural changes in the social
sectors, education system, and business environment.
Accelerating economic recovery requires Croatia to complete
its currently unfinished structural reform agenda and shift
to productivity-based, private sector-led growth. The
government could also do more to: (i) reform product market
regulation; (ii) remove administrative barriers to
investments; (iii) reduce the logistics costs in trade; (iv)
make the bankruptcy process more efficient; and (v)
modernize contract enforcement and property rights. |
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