Republic of Croatia: Staff Report for the 2014 Article IV Consultation

May 19, 2014

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Republic of Croatia: Staff Report for the 2014 Article IV Consultation, (USA: International Monetary Fund, 2014) accessed November 27, 2024

Summary

This 2014 Article IV Consultation highlights that Croatia remains stuck in an unusually drawn out recession. In 2013, real GDP contracted for the 5th consecutive year, and stands now at less than 90 percent of the end-2008 level. Unemployment has risen to 17 percent. Domestic demand remains depressed as corporations and households focus on reducing excessive debts accumulated in the 2000s. Exports and foreign direct investment are also feeble. The outlook is for an additional contraction in 2014 of almost 1 percent. Real domestic demand would remain feeble, reflecting both weak private sector demand and fiscal consolidation.

Subject: Banking, External debt, Financial institutions, Fiscal consolidation, Fiscal policy, Loans, Public debt, Revenue administration

Keywords: CR, Croatia, Debt, EU accession, EU membership, EU Policy framework, Europe, Fiscal consolidation, Foreign currency, Global, ISCR, Loans, Private sector debt restructuring

Publication Details

Pages:

74
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2014/124
Stock No:

1HRVEA2014001
ISBN:

9781484396513
ISSN:

1934-7685

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