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Croatia needs crucial structural reforms, IMF claims

Croatian Times


Croatia’s economy is still waiting to grow, the IMF reports in its annual economic review.

With high unemployment and domestic spending down, Croatia’s economy is expected to contract by 1.5 percent in 2012.

But the IMF predicts that in 2013 it should begin growing by three quarters of a percent.

"The authorities’ fiscal consolidation measures in 2012 will likely achieve the targeted deficit, albeit partly due to regrettable underexecution of capital spending" said Nikolay Gueorguiev, IMF mission chief for Croatia.

The IMF boss also predicts more job losses following a decline in exports and says that although the banks are holding up against stress, businesses and consumers are finding it difficult to pay off their loans.




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