Arab Today, arab today croatia needs reforms to secure sustained recovery
Last Updated : GMT 22:04:34
Arab Today, arab today
Arab Today, arab today

Croatia needs reforms to secure sustained recovery

Arab Today, arab today

Arab Today, arab today Croatia needs reforms to secure sustained recovery

Zagreb - AFP

Croatia needs more economic reforms for a sustained recovery from recession, the International Monetary Fund (IMF) said Friday. The IMF board of executive directors welcomed Croatia\'s progress towards EU accession but noted \"significant challenges remain to be addressed to secure a sustained recovery,\" a statement said. \"To improve the medium-term growth prospects of the economy, directors stressed the need to tackle structural rigidities and weak competitiveness. Action is also needed to reduce the vulnerabilities arising from large external and foreign-currency debt and deteriorating public finances,\" it added. Croatia, set to become the 28th EU member in mid-2013, has been hard hit by the global economic crisis, its economy in recession since the beginning of 2009. Last year, Croatia\'s economy shrunk by 1.2 percent, contracting by 0.8 percent in the first quarter this year. The IMF directors \"emphasized that the implementation of comprehensive reforms to restore competitiveness and put the economy on a more sustainable footing is a priority,\" the statement said. The IMF recommended an internal devaluation through a reduction of prices and wages to more competitive levels, despite a risk that this could weaken growth prospects. Welcoming \"progress made in some areas\" of the government\'s economic recovery programme, the IMF called for a \"more decisive reform effort\". This should be focused on \"increasing labor market flexibility and labor force participation, reducing the size of public administration, privatization of public companies, and further improving the business climate,\" the statement said. According to IMF figures, Croatia\'s total external debt has increased from 77.7 percent of gross domestic product (GDP) in 2007 to 97.6 percent in 2011. The IMF and the National bank of Croatia have forecast one percent GDP growth for 2011. Analysts expect modest growth in the second half of 2011, thanks to income from tourism on which Croatia\'s economy depends heavily is very dependent.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today croatia needs reforms to secure sustained recovery Arab Today, arab today croatia needs reforms to secure sustained recovery

 



Arab Today, arab today
Arab Today, arab today Heart of Turkish Riviera is Alluring Seaside Escape

GMT 11:11 2017 Tuesday ,28 March

Heart of Turkish Riviera is Alluring Seaside Escape
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Hamas leader accuses Israel

GMT 11:43 2017 Tuesday ,28 March

Hamas leader accuses Israel
Arab Today, arab today Media host gives priority to problems of people

GMT 07:00 2017 Tuesday ,28 March

Media host gives priority to problems of people
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Disaster costs nearly double to $175bn

GMT 10:42 2017 Tuesday ,28 March

Disaster costs nearly double to $175bn
Arab Today, arab today Campaign fights sexual harassment in Egypt

GMT 11:14 2017 Tuesday ,28 March

Campaign fights sexual harassment in Egypt
Arab Today, arab today Trump poised to roll back climate protections

GMT 09:28 2017 Tuesday ,28 March

Trump poised to roll back climate protections
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Uber grounds self-driving cars

GMT 09:11 2017 Monday ,27 March

Uber grounds self-driving cars
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Trump to roll back Obama clean power plan

GMT 11:10 2017 Monday ,27 March

Trump to roll back Obama clean power plan

GMT 09:58 2017 Saturday ,25 March

Nermein Al Fekki films “Foxes in the Valley”

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 09:02 2017 Thursday ,23 March

Laptop ban sparks ire

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 13:21 2017 Tuesday ,28 March

Samsung plans to sell refurbished Galaxy Note 7s

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday