Monday, 9 May 2022

What Will Average Croatian Wage and Pension be in Eurozone?

May the 9th, 2022 - With Eurozone entry rapidly approaching and due at the very beginning of next year, just what will the average Croatian wage and pension be? It seems an increase is on the cards.

As Poslovni Dnevnik writes, when Croatia introduces the euro at the beginning of 2023, the average Croatian wage (net salary) will stand at around 900 euros, and an average pension will stand at around 320 euros, considering the fact that due to ongoing inflation, personal incomes and pensions across Croatia could increase slightly before the changeover from the kuna to the euro anyway.

If we take in some information and consider it relevant data on the average net salary across the EU back in 2021, which amounted to 1916 euros per month, it means that the average Croatian salary needs to be about a thousand euros to reach the EU average. In nearby Austria, the average net salary last year was 2053 euros, and in Belgium - an impressive 2091 euros.

In Bulgaria, the average net income last year was 413 euros, and the average Croatian wage was 797 euros, while the neighbouring Slovenians received an average of 1,038 euros per month back in 2021, writes Slobodna Dalmacija.

The Czechs were doing slightly better than the Croats were with a typical net salary of 813 euros, and the Danes were much better, with 3,100 euros, placing them at the very top of the European Union (EU). They are closely followed by the Swedes with a salary of 3062 euros.

The Estonians are also better paid than Croats typically are, with an average salary of 958 euros net, with the Latvians and Lithuanians being weaker with 648 euros and 645 euros respectively. The people of Cyprus receive an excellent 1,658 euros, and Malta also earns well from the Croatian perspective, with an average Maltese wage being about 2261 euros per month.

They are followed by rich EU countries: Finland with 2509 euros, France with 2157 euros and Germany with 2270 euros as an average salary.

The average Greek earns 917 euros, a Portuguese worker 846, a Pole 736, a Slovak 690, and a Hungarian 683 euros. Over in Romania, the average net salary is only 522 euros, meaning that only the Bulgarians are the poorest in the EU.

The average net salary in Italy is 1,762 euros, and in neighbouring Spain 1,718 euros. The real "heavyweights" are the Icelanders with 3435 euros and the Luxembourgers with 3009 euros, followed by the Irish with 2479 euros and the Dutch with 2263 euros.

For more, make sure to check out our lifestyle section.

Sunday, 8 May 2022

Third of Croatian Households Only Just Making Ends Meet

May the 8th, 2022 - The number of those at risk of severe poverty across the country is increasing as around a third of Croatian households are only just managing to make ends meet.

As Poslovni Dnevnik writes, as part of the report on the state of human rights for 2021, the House of Human Rights in Zagreb held a discussion on socio-economic rights where it was pointed out that in Croatia, more than a fifth of the population is at risk of poverty, and a third of Croatian households are barely making ends meet.

The discussion was based on the part of the report entitled "The right to an adequate standard of living" which outlined, in 19 points, the state of the right to housing, access to social services, poverty, social exclusion and social welfare challenges throughout 2021. In addition, problems related to socio-economic rights vulnerable groups were further highlighted in the chapters on the rights of children, national minorities, especially when it comes to Roma and Serbs.

The report states that more than a fifth of Croatia's population is still at risk of poverty and social exclusion. It is even more devastating that every other person over the age of 65 who lives alone is at risk of poverty, and more than half of their pensions are lower than the Croatian poverty line. Material deprivation is also worrying - as many as a third of Croatian households are currently finding it very difficult or difficult to make ends meet. No significant progress has been made on housing policy in 2021 either, the report said.

Problems in the areas of legal security of housing, affordability, occupancy, accessibility and access to housing have been further exacerbated by the aftermath of the earthquakes in Zagreb and Sisak-Moslavina County back in 2020, as well as the global coronavirus pandemic. It has been especially emphasised that the at-risk-of-poverty rate is higher for tenants than it is for apartment owners, and almost a quarter of subtenants are at risk of poverty. The trend of burdening the population with housing costs also continued last year.

People in Croatia still have problems with the availability and affordability of adequate heating, as well as the overcrowding of apartments because as many as 36 percent of residents live in apartments which are too small. This data is of additional concern due to the slow recovery of the earthquake-affected areas, but also rising inflation and rising energy prices.

How can we turn the situation with poverty around for the better?

"In these circumstances, last year the National Plan for Combating Poverty and Social Exclusion for the period 2021-2027 was adopted, a key policy that should respond to these challenges. However, this plan is quite unambitious and doesn't bring any measures that could turn the situation with poverty around for the better,'' said Tina Djakovic, the coordinator of the Human Rights House in Zagreb.

The measures proposed by the state aren't aimed at a systematic solution to the problem, and there are no new approaches to respond to growing challenges such as energy poverty or poverty of the elderly or social exclusion of people living in isolated areas, refugees and a number of other vulnerable groups and individuals.

Exercising socio-economic rights in the Republic of Croatia is also difficult due to the impact of the coronavirus pandemic and 2020's earthquakes, said Deputy Ombudsman Tatjana Vlasic, who pointed out during the discussion that most complaints from people to the Ombudsman's Office came from earthquake-affected areas of the country.

She also pointed out that as many as 92 percent of Roma households live below the at-risk-of-poverty level in Croatia, and almost half of them live in isolated settlements that do not have access to electricity and water. She also warned of the situation in Sisak-Moslavina County, where the unavailability of public transport causes significant issues when it comes to accessing health and social services, which especially affects the elderly.

Despite the sheer amount of struggling Croatian households, poverty and homelessness remain taboo topics...

Djordana Barbaric from the MoSt association pointed out that poverty and homelessness as an extreme form of poverty, are still taboo topics that are rarely discussed, and that vulnerable groups and individuals are often left entirely invisible. She stressed the importance of interdepartmental cooperation and a multidisciplinary approach to the problem, because people in poverty or homelessness often find themselves in complex circumstances and need help in the field of social protection, healthcare and in exercising theor right to work and enjoy protection against discrimination.

Olja Druzic Ljubotina from the Study Centre for Social Work at the Faculty of Law at the University of Zagreb, warned about the problem of child poverty and pointed out that children are especially vulnerable because they are dependent on others and are often an invisible group in society. Accessibility to pre-school education remains a problem in Croatia, which is crucial for the prevention of poverty and social exclusion of children. She also pointed out that institutions often don't recognise child poverty as their problem, that is, that different departments should work together to find a solution and be able to act properly and systematically.

Poverty and social exclusion are significantly added to by the lack of availability and the quality of social services, said Valentina Zeljak Bozovic from the Rehabilitation Centre for Stress and Trauma Zagreb.

According to their research on the availability of social services, the differences between rural and urban units of local self-government units in the provision of almost all social services have been confirmed, and differences also exist at the regional level. These differences are the most noticeable in the availability of social services for young people, people with disabilities, people with mental health problems, and members of national minorities and refugees.

With Croatian households struggling to make ends meet, inflation continuing and the war in Ukraine continuing to result in various economic issues with supply chains, it's not hard to see how all of the failings of the many systems in this country are failing the most vulnerable in society on a consistent basis.

For more, check out our lifestyle section.

Saturday, 7 May 2022

Could Revising Student Earnings Limit Solve Croatian Labour Issue?

May the 7th, 2022 - The continuing issues faced by the Croatian labour force (or lack of it, to be more precise) could be solved by altering a current law and increasing the limit on how much students are allowed to earn without them, or usually their parents, facing tax issues.

As Poslovni Dnevnik writes, irritated employers have rightly pointed out that the income threshold after which the right to tax relief is lost for students is much too low, and that raising it would encourage students to not only seek out employment, but to be willing to work more. Therefore, they've suggested that the threshold be raised to 30,000 kuna, with different treatment if the taxpayer (their parent) has more children. This could solve the problems faced by the Croatian labour market, particularly when it comes to seasonal and tourism employment.

According to tportal, this initiative from the Croatian Employers' Association (HUP) is also being strongly supported by the president of the Croatian Tourism Association, Veljko Ostojic, who very formly believes that the greater engagement of students in seasonal jobs in the tourism sector would reduce the need for the import of foreign labour, and the administrative issues and ridiculous waiting times for work permits that come with that.

''We've proposed to the Government that the non-taxable income limit for dependent members be raised to 30,000 kuna. We believe that in this way, a significant number of people would be activated on the Croatian labour market,'' Ostojic said.

Student work is otherwise regulated by the Student Affairs Act, and the current law on that has been in force since November 2018.

Students are employed through authorised intermediaries, which can be student centres or higher education institutions that have a centre for student standards, provided that they have received approval from the Ministry of Science and Higher Education to conduct mediation activities. The law also regulates the minimum hourly wage, which is calculated by dividing the amount of the minimum gross salary by 160. The hourly wage is adjusted once a year, and for 2022 it amounts to 29.30 kuna.

Altering this and increasing the amount students are free to earn without facing issues from the tax man would not only put a gradual stop to importing non-resident staff, but put the Croatian labour market in a far better position when it comes to the height of the summer season, when good staff are increasingly difficult to come by for would-be employers.

For more, check out our dedicated business section.

Thursday, 5 May 2022

Three Croatian Egg Farms Collapse, Set to Close at End of Week?

May the 5th, 2022 - Three large Croatian egg farms have collapsed and their management has stated that they plan to remain open and in function only until the end of this week.

As Poslovni Dnevnik writes, Croatian poultry and egg producers are currently navigating troubled waters. Just as they announced before Easter, some are closing down their farms because their production costs have become too high to be able to cope with.

RTL discovered that three large Croatian egg farms are set to shut their doors, and the producers have also been complaining that the traders must be deaf and are offering them purchase prices which are much too low, even though the eggs on the shelves have never been more expensive.

This concerning information was also confirmed by the Croatian Chamber of Agriculture. The president of the chamber, Mladen Jakopovic, said: “two or thee are closing, we found out about that informally. Two or three Croatian egg farms will shut. According to our information, that would amount to about five percent of Croatian egg production at this time.''

There is almost no egg producer who isn't facing trouble at this moment in time, and they are thinking about reducing production entirely because the current situation is becoming unbearable.

Magi Lukac, the head of one egg production company, pointed out that the costs are growing every day. “We just managed to raise the prices a bit, and now we've had a new blow with new costs that don't follow the selling prices. We have information that many poultry farmers are going to reduce their capacities,'' he said.

The Republic of Croatia is almost self-sufficient when it comes to egg production, but after the coronavirus pandemic, inflation and the situation with the war in Ukraine, the prices of cereals and energy have skyrocketed, and they complain that traders are not giving them a higher purchase price despite that.

"The price of wheat and corn have grown by 200 percent, soybeans and sunflower meal have gone up by 100 percent, and eggs aren't following that growth. I'm afraid that we will be needing to feed tourists with foreign eggs this year,'' Lukac pointed out for RTL.

The competent ministry says they are preparing additional incentives in order to try to soften the blow being dealt to Croatian egg farms, as well as to businesses directly related to the industry.

Zdravko Barac, the director of the Directorate for Animal Husbandry and Food Quality of the Ministry of Agriculture, said: “Of course we won't allow a shortage of eggs to occur, nor will we allow that for other livestock products. We reacted with a whole series of measures in a difficult period two years ago.''

Five million kuna is intended for poultry farmers, and 2 million kuna for egg producers, and on top of that, some more good news is coming from Brussels.

Mladen Jakopovic, President of the Croatian Chamber of Agriculture, pointed out: “It has been agreed that the import of wheat and other cereals into the European Union would be exempt from anyone needing to pay customs duties and associated customs costs. That is 20 million tonnes, which is 20 times more than Croatia's total annual production.''

This temporary measure should take effect in two weeks, but whether or not it will be enough to prevent the locking of the doors of more Croatian egg farms is yet to be seen.

For more, make sure to check out our dedicated business section.

Wednesday, 4 May 2022

Volume of Retail Trade in March Down Slightly in EU, Croatia Sees Strong Growth

ZAGREB, 4 May 2022 - Retail trade in the European Union and the euro area in March fell slightly reflecting a decrease in fuel sales whereas in Croatia it increased strongly, the latest Eurostat report released on Wednesday indicates.

In March, the seasonally adjusted volume of retail trade decreased by 0.2% in the EU and by 0.4% in the euro area compared with February, when it increased by 0.3% and 0.4% respectively.

The volume of retail trade in the EU and euro area dropped the most at petrol stations, by 3% and 2.9% respectively.

The retail sale of non-food products also decreased, by 0.7% in the EU and 1.2% in the euro area.

An increase in the volume of retail trade was reported only for food products, beverages and tobacco, of 0.6% in the EU and 0.8% in the euro area.

Among the Member States for which data are available, the highest increases were observed in Slovenia (+11.4%), Latvia (+11.1%), and Hungary (+7.3%).

Croatia registered a month-on-month increase in the volume of retail trade of 4.0%, the strongest increase since November 2020. In February it increased by 0.8%.

The largest monthly decreases in the total retail trade volume were registered in Spain (-4.0%), Luxembourg (-3.3%) and France (-1.9%).

The highest year-on-year increases in the total retail trade volume were registered in Slovenia (+25.6%), Estonia (+18.4%) and Malta (+16.4%).

The largest decreases were observed in Denmark (-11.0%), Spain (-4.8%), and Belgium (-3.9%).

The volume of retail trade in Croatia in March increased by 5.5% year on year after a 0.7% decrease in February.

Romania registered a similar increase in the volume of retail trade, of 5.4%.

For more, make sure to check out our dedicated business section.

Wednesday, 4 May 2022

What Are Government's Next Steps if Croatian Inflation Continues?

May the 4th, 2022 - If Croatian inflation continues and becomes worse, posing more issues for the pockets of the country's already struggling residents following coronavirus-induced lockdowns and restrictions, just what does the government have up its sleeve to combat it? Finance Minister Zdravko Maric has claimed that there is still ''munition'' to be released in this sense.

As Poslovni Dnevnik writes, Finance Minister Zdravko Maric also answered the question as to whether the Croatian inflation rate will end up reaching double-digit figures: "I wouldn't go that far. Lithuania, Latvia, Estonia, the Netherlands and the Czech Republic all recorded double-digit rates back in March. Some of them even nearly 16 percent. Croatia hasn't done so yet,'' he said.

Maric spoke on Dnevnik Nova TV about problematic fuel prices, the situation on the gas market, Croatian inflation, the impact the current situation is having on the Eurozone, which Croatia is on schedule to join in 2023, as well as the current state of the Croatian budget.

Minister Maric first commented on whether the acceleration of Croatian inflation is going to continue to pose a very serious threat to the country because of everything that is unfolding globally, with the ongoing Ukraine war included.

"According to the latest projections, the average rate this year is 7.8 percent. Considering that the last published data said it would be 7.3, and before that the inflation rates were slightly lower, unfortunately my answer to your question is yes," he stated, before going on to discuss the aforementioned topic of potential of double-digit Croatian inflation.

Inflation has suddenly become a key variable on Croatia's path to the Eurozone, which it is due to enter early next year.

"We've been talking about the budget for years, and in the end, neither the public debt nor the budget deficit is a topic. Croatia has been exactly between the Eurozone and the EU average for the last 12 months," he said.

"In the middle of this month, we'll have the data for April, both for Croatia and for all EU countries. This will be the last input that enters the convergence report. At the beginning of June, the European Central Bank and the European Commission will publish this report separately. I really believe we'll get a positive outcome. The official decision should come in early July,'' added the minister. He also said that he wasn't in favour of delaying Croatia's entry into the Eurozone, which some are calling for owing to this dire situation. He believes that the Eurozone shows the best benefits during times of crisis. VAT for certain product categories was planned to be reduced when Croatia switches to the Euro, but the government slashed it beforehand anyway.

"If necessary, we have more ammunition to help people out in this situation," said the minister, before speaking about the healthcare system and whether he sees any room for much needed reforms there."Drugstores write to us periodically, both to my colleague Health Minister Vili Beros and to me. We have a fair relationship. Unfortunately, the payment deadlines for both hospitals and pharmacies have risen again. They've reached a level of over 180 days, and for some hospitals, that level is now over 200 days,'' said the Minister, and when asked how much the healthcare system's debt is and whether he knows how many ''holes'' there are when it comes to that, he answered: ''Unfortunately, I do know because every month that hole increases, meaning obligations grow, and it's been between 400 and 500 million over the last few months.'' he stated.

For more on Croatian inflation, make sure to check out our dedicated politics section.

Saturday, 30 April 2022

Croatian Company Microblink to Hire 450 More Employees in 2022

April the 30th, 2022 - The highly successful and by now very well known Croatian company Microblink is set to hire even more people throughout this year, it is also planning further expansion.

As Poslovni Dnevnik writes, one of the leading domestic high-tech companies, the Croatian company Microblink, which operates globally developing solutions on artificial intelligence (AI), is accelerating its business momentum this year and expects revenue growth of 50 percent and the hiring of more than 450 employees, the company said in a recent statement.

"Over the past year, we've transformed the company into a global technology enterprise with a New York office and clients around the world. We also undertook rebranding and developed a lot of tools to help identify the needs of our users,'' said the global vice president of Microblink for operations and director for Croatia Igor Strejcek.

He stressed that the Croatian company Microblink's overall vision is to enable the wide global use of AI, with the further development of their AI platform for which they want to be the ‘AI Power House’ and perhaps one day see it become a separate part of the company itself.

''It's quite difficult to say whether this will all pan out by the end of this year or next year, but we're on the right track and we're heading in that direction,'' added the global vice president for engineering of AI, Matija Ilijas.

Microblink's AI platform, he added, significantly speeds up and automates the process of developing and delivering AI solutions, with a strong focus placed on data security and protection, and it has so far developed more than 50 advanced AI models running on more than 100 million devices and on average 40 percent more quickly than on competing Google or Apple solutions.

For more information on Croatian companies, entrepreneurs and innovation, make sure to check out Made in Croatia.

Friday, 29 April 2022

Croatian Inflation Wave 3 Times Higher Than Initial Govt Prediction

April the 29th, 2022 - The Croatian inflation wave is currently three times higher than initial government predictions ever thought it would be, which is of course an enormous cause for concern for the vast majority.

As Poslovni Dnevnik/Jadranka Dozan writes, the recently updated macroeconomic projections for this year, presented by the government within the new Convergence Programme, once again did well in confirming just how much various economic forecasts have had their "shelf lives" very much shortened in the face of Croatian inflation.

This is most drastically shown in the revised estimate of the average Croatian inflation rate. The last official projection from the government, made back during the time of the adoption of the state budget for the year 2022, is barely half a year old, and compared to the then projected 2.6 percent, the expected Croatian inflation rate is now three times higher.

To be more precise, the government is currently counting on a rise in consumer prices of as much as 7.8 percent, proving to be much more cautious than the Croatian National Bank has been. The CNB's recently released new forecast of average inflation of 5.4 percent now seems actually quite optimistic.

The war in Ukraine, accompanied by additional supply chain disruptions and the ongoing energy crisis, has intensified inflationary pressures, affecting the prices of energy, transport, food, but also a number of other raw materials and industrial goods.

From next year on, inflation is thankfully expected to slow down, but having in mind the so-called the base effect of this year's large price increase, the projected slowdown to 3.7 percent next year and to 3.5 percent in 2024 certainly doesn't sound all that promising for anyone. As early as this autumn, in addition to lower price growth this year, rates of 2.3 and 2.2 percent have calculated for the first two years following Croatia's transition to the Eurozone.

Given the projections for growth in average gross wages (employees in legal entities), Croatian residents have at least two or three years of falling standards ahead of them, although government projections suggest that a slight recovery in terms of real income could finally begin next year.

According to the calculations from the Ministry of Finance, gross wages are expected to grow by an average of 6.3 percent this year (compared to a 7.8 percent rise in prices). In the first year, the euro should grow by an average of 3.8 percent or slightly above the Croatian inflation rate, and in 2024 by about 3.5 percent, which is one percentage point more than the expected price growth.

A minor surprise came from the government's revision of expected economic growth, although it is currently proving more conservative than the central bank. Instead of growth at the rate of 4.4 percent, which was estimated at GDP growth last autumn, expectations have been reduced down to three percent in real terms this year, with an acceleration forecast of 4.4 percent next year.

With the traditionally significant contribution of personal consumption in the structure of the nation's overall GDP, it remains to be noted that expectations of consumption growth compared to the original projections for this year decreased from 3.2 down to a mere 1.4 percent.

At the same time, following a package of anti-inflation economic measures, estimated at almost five billion kuna, then increased material and costs for Ukrainian refugees, and finally this week's agreement with the unions of state and public services, government spending is expected to grow more than planned for in the state budget. Instead of the then projection of just over two percent, it now counts on a 3.3 percent increase in government spending.

Although the projected growth rate of investment has now been halved (from 12 down to 5.8 percent) this year, over the next few years, public and private sector investment should be the main drivers of growth. Their contribution to Croatian GDP growth this year, at least according to the Ministry of Finance, is estimated to stand at 1.2 percentage points.

Individually, however, following the expectation of 7 percent growth in terms of the exports of goods and services (slightly less than 5 percent for goods and more than nine percent for services), the contribution of exports to Croatia's GDP should be significantly higher than that of investment (about 3.5 percentage points). However, given the rather high import dependence of the Croatian economy, Finance Minister Zdravko Maric explained that "the net contribution of net exports will be slightly positive this year, and slightly negative or neutral over the next three".

For more on Croatian inflation, check out our dedicated politics section.

Tuesday, 26 April 2022

Croatian Public Debt Falling, Placing Country at Top of EU

April the 26th, 2022 - Croatian public debt is continuing to fall, so much so that this decrease has placed the country at the very top of the list of European Union (EU) member states.

As Poslovni Dnevnik writes, the public debt across the European Union and within the Eurozone itself, expressed as a share of GDP, decreased in the fourth quarter of 2021 thanks to the recovery of the economy following the coronavirus crisis, and the Republic of Croatia is among the countries with the biggest decline, a Eurostat report showed last week. At the EU level, public debt as a share of GDP stood at 88.1 percent at the end of 2021.

When it comes to Croatian public debt, consolidated general government debt amounted to 343.6 billion kuna back at the end of December, which corresponded to 79.8 percent of the nation's overall GDP.

Back at the end of September 2021, Croatian public debt amounted to 345.3 billion kuna, which corresponded to 82.7 percent of domestic GDP. At the end of pandemic-dominated 2020, it amounted to 330.4 billion kuna, which corresponded to 87.3 percent of GDP. When it comes to other EU member states, Estonia had the lowest level of public debt at the end of last year, standing at a mere 18.1 percent.

In most European Union countries, public debt as a share of GDP was lower at the end of last year than it was back at the end of 2020, the first year of the global coronavirus pandemic, thanks to a recovery in the economy that was spurred by the easing of epidemiological measures in many countries.

Compared to the end of 2020, public debt decreased the most in Greece and Cyprus, by 13.1 and 11.4 percentage points, respectively. Those countries are followed by Portugal and Croatia, whose public debt as a share of GDP in the fourth quarter was lower by 7.8 and 7.5 percentage points, respectively.

For more, make sure to check out our dedicated politics section.

Friday, 22 April 2022

Croatian Economic Analyst Damir Novotny Talks Inflation Expectations

April the 22nd, 2022 - Croatian economic analyst Damir Novotny has spoken about the ongoing situation with inflation across the country, the International Monetary Fund's most recent predictions for Croatian GDP growth (or lack of), and when we might expect the very height of this current inflation wave to peak.

As Poslovni Dnevnik writes, we recently wrote about the IMF predicting Croatia's GDP growth to stand at 2.7 percent this year, which is significantly  less than was predicted back in the autumn forecasts.

Croatian economic analyst Damir Novotny explained to HRT that the Croatian economy did grow last year, making up for the loss of 8 and something percent. He noted that economists see these changes in GDP as an aggregate state, but when it comes to how it will affect a certain strata of society, only time will tell.

“Some will lose, some will gain because, when it comes to inflation, there's a redistribution of economic resources and it's a special tax that isn't declared, but it is still a tax. That said, inflation is still relatively low and we can't say that hyperinflation is a current threat to Croatia, although there is always a danger,'' Croatian economic analyst Damir Novotny said.

"Lower growth forecasts and what is even more important - the uncertainty that this time brings means less demand for loans, and loans are still the most important source of income for banks," said Zdenko Adrovic.

Croatia as a Eurozone member

He also noted that Croatian banks will unfortunately worsen their lending conditions because they are threatened by the growth of bad or non-performing loans, so banks need to insure themselves in some way. As for interest rates, the director of the Croatian Association of Banks, Zdenko Adrovic, expects growth, but not in a sudden sense.

Economic analyst Hrvoje Stojic believes that inflation will reach its maximum in the autumn, especially across the Eurozone, and in this country, this wave will be delayed and will be moved towards the second half of the year.

As for the introduction of the euro in Croatia, it is a political decision more than anything else. Croatian economic analyst Damir Novotny believes that in January 2023, Croatia will be a member of the Eurozone. He also thinks that it will be useful because at this time it would represent a new umbrella that can protect the country from major shocks, so people shouldn't be afraid of that.

For more, check out our lifestyle section.

Page 4 of 26