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.

Thursday, 21 April 2022

IMF Drastically Slashes Croatian GDP Growth Expectations

April the 21st, 2022 - The International Monetary Fund (IMF) has drastically slashed Croatian GDP growth expectations, with the ongoing war in Ukraine following Russian invasion cited as a significant issue.

As Poslovni Dnevnik/Ana Blaskovic writes, the International Monetary Fund (IMF) has more than halved its growth forecast for the domestic economy to 2.7 percent this year due to the situation with the war in Ukraine. In its regular autumn forecasts for October, the IMF expected Croatian GDP growth of 5.8 percent. In 2023, growth should accelerate strongly to 4 percent.

While Croatian GDP growth will slow down, inflation should almost triple, from 2 to 5.9 percent. Next year, however, the International Monetary Fund estimates that price growth should slow down to 2.7 percent, which would almost return to the levels we experienced back in 2021.

In its latest forecast, the unemployment rate has been slightly adjusted to be lower, so the IMF now expects 7.7 percent, down a little from the previous 8 percent. In 2023, unemployment should still fall, down to 7.4 percent. Last year, that rate reached 8.2 percent, 0.2 percentage points lower than autumn's estimates.

The IMF has positive expectations about the current account deficit, which it estimates will halve to 0.4 percent of GDP. Next year, the current account should be in the plus with a 0.3 per cent GDP surplus.

The Republic of Croatia is in the group of emerging European economies, which is forecast to fall by 2.9 percent, after last year's growth forecast of 3.6 percent. In 2023, the IMF forecasts a recovery of 1.3 percent for emerging European economies.

The Fund also predicts a decline in economic activity for the entire Eurozone, which could rise by 2.8 percent this year (instead of 3.9 percent as was expected in January), and in 2023, it will likely slow down to further to 2.3 percent.

The biggest blow will more than likely be experienced by Germany, which will see its GDP grow by only 2.1 percent this year, 1.7 points less than previously expected. Due to the war in Ukraine, inflation across the Eurozone is expected to reach 5.3 percent and then weaken to 2.3 percent in 2023.

For more on Croatian GDP growth, make sure to check out our dedicated lifestyle section.

Wednesday, 9 March 2022

Croatian GDP Growth Among Strongest in EU at End of 2021

March the 9th, 2022 - Croatian GDP growth in the fourth quarter of last year is more than impressive, placing the country among the European Union (EU) member states with the strongest such growth of all.

As Poslovni Dnevnik writes, the Republic of Croatia is among the EU countries with the highest annual GDP growth rate in the fourth quarter of 2021, ranking behind Ireland and Malta and soaring well above the European average, new Eurostat estimates revealed this week.

The EU's seasonally adjusted gross domestic product (GDP) rose 0.4 percent in the fourth quarter of 2021 compared to the previous three months, when it increased 2.2 percent, Eurostat confirmed in its February estimate.

The Eurozone's GDP grew 0.3 percent when compared to the third quarter, when it rose 2.3 percent.

Compared to the same period a year earlier, the seasonally adjusted GDP of the EU as a bloc and the Eurozone increased by 4.8 and 4.6 percent respectively. It rose 4.1 percent in the EU and 3.9 percent in the Eurozone in the previous quarter.

Activity in both the EU and the Eurozone exceeded pre-pandemic levels from back at the end of 2019, by 0.6 and 0.2 percent, respectively, Eurostat determined on the basis of seasonally adjusted data. Throughout 2021, activity in both areas rose 5.3 percent, 0.1 percentage point stronger than Eurostat estimated back in mid-February.

Neighbouring Slovenia is at the helm...

At the annual level, all EU countries form which Eurostat obtained data recorded GDP growth in the fourth quarter of 2021, and the strongest was in neighbouring Slovenia, where it amounted to 10.5 percent.

The Slovenes are followed by Malta and Ireland with a 10 percent increase in activity, and Croatian GDP growth also places it in this group, where it grew by 9.9 percent, after a 15.3 percent jump in the period from July to September. The weakest growth among the countries with Eurostat data was recorded by Slovakia, with 1.2 percent, and Germany is close with a growth rate of a mere 1.8 percent.

Among the countries whose data were available to Eurostat, GDP in Slovenia grew the most on a quarterly basis in the fourth quarter of last year, by 5.3 percent, followed by Malta with 2.3 percent growth and Spain and Hungary, where GDP grew by two percent in both countries.

A decline in activity was recorded in Ireland, by 5.4 percent, in Austria, by 1.5 percent. The same also fell slightly in Germany, by 0.3 percent, and here in Croatia, Latvia and Romania, that fall stood at 0.1 percent. In the third quarter of last year, Croatian GDP growth stood at 1.4 percent on a quarterly basis.

Decreased employment

The number of employees in the EU and the Eurozone increased by 0.5 percent in the last three months of last year compared to the summer quarter, when it increased by 0.9 and one percent, respectively. Compared to the end of 2020, it increased by 2.1 percent in the EU and by 2.2 percent in the Eurozone. Between July and September, it rose 2.1 percent in both areas.

Recovery in Croatia...

Employment in Hungary, Denmark, Malta and Spain accelerated the most on a quarterly basis, ranging from 1.2 to 1.0 percent. Here in Croatia, the number of employees increased by 0.6 percent in the fourth quarter of last year compared to the previous quarter, when it fell by 0.1 percent. On an annual basis, the number of employees in Ireland increased by the most, by 8.4 percent.

When it comes to the growth in the number of employees at the end of last year by 3.6 percent compared to the same period back in 2020, Croatia is equal to Greece, Luxembourg and Malta. In the third quarter, the number of employees in Croatia increased by 1.7 percent on an annual basis. Only Romania saw a 9.1 percent drop in registered employee numbers.

For more, check out our lifestyle section.

Wednesday, 8 December 2021

Croatian Tourism Investments Fall by Over 60%, State Should Step In

December the 8th, 2021 - A decline in tourism, and as such Croatian tourism investments, can more or less explain almost the entire decline in GDP. A massive 8.1% decline back in 2020 was certainly not what anyone needed, or could have ever imagined coul happen after the record year of 2019.

As Poslovni Dnevnik/Marija Crnjak writes, the overall decline of GDP in Croatia back in pandemic-dominated 2020 can be explained by the decline in tourism, the most affected industry that has led to a decline across all related sectors, while at least 4.5-5 percent of total GDP growth in 2021 can be attributed to the subsequent recovery of tourist traffic.

This shows the exceptional importance of tourism for the Croatian economy, but despite a significant increase in tourist traffic this year, the situation remains dramatic as the crisis has caused a sharp drop in Croatian tourism investments and the recovery will not be spontaneous without additional investment incentives from the state.

Analyst Velimir Sonje warned about precisely that, presenting his research on the connection between tourism and the pandemic recently at the Congress of Hoteliers, organised by the Croatian Hotel Employers' Association (UPUHH).

“Croatian tourism investments and its activity is in a sharp decline of 60-66 percent when compared to 2019 and the duration of such a situation threatens to weaken the positive development effects of tourism, such as a proven contribution to alleviating emigration from Croatia. We got the impression that after this season, which was short, but successful, that everything would be fine and that we're finally returning to normal. But a spontaneous recovery won't happen unless there is a strong recovery in investment soon. This requires investment incentives, and investors' expectations are focused on the new Law on Investment Promotion and the implementation of a new regional aid map,'' explained Sonje, whose research is based on the results of a survey among the ten largest hotel companies in the country, with total revenues of 5 billion kuna recorded back in 2019.

"Paradoxically, despite the fact that tourism is crucial for economic recovery, the European Commission has allocated only 5 percent of the total amount from the National Recovery and Resilience Plan to this sector," concluded Sonje.

The Director of the Croatian Tourism Association, Veljko Ostojic, pointed out the four biggest challenges that the hotel business will face in 2022. With the return on investment, after the 2021 season in which Croatia had the best tourism results in the Mediterranean and Europe, the biggest challenge in preparation next year will be the sheer lack of qualified personnel, an issue present in the sector throughout Europe at the moment.

"In Croatia, it isn't only a question of engaging domestic workers, but also a faster and more flexible administration in hiring foreign workers. The second most important issue will be the continuation of investments in quality, without which Croatia will not be competitive in relation to other Mediterranean countries in particular. There will be an important contribution of money for NPOO projects, but also the legislative framework, primarily addressing the issue of tourist land. We're in intensive talks with the Ministry of Construction and State Property and I believe that in the coming weeks we'll be able to find solutions that will enable investments and generate significant revenues to the state budget,'' believes Ostojic.

The fourth important factor will be the unfolding epidemiological situation, which is still a challenge and a trigger for the majority choosing a holiday destination, but Croatia and the sector have done a great job in the last two years, so there are no severe worries. Hoteliers also point out the important challenge that inflation and the situation with supply chains will pose in financial operations.

"It will be a very big challenge that we won't be able to mitigate through rising prices and many will not be left for investment. Without the help of the state, through the Law on Investment Promotion and similar solutions, we cannot expect the recovery of the investment power of the tourism sector,'' warned Popovic.

For more, check out our business section.

Wednesday, 1 December 2021

Croatian Economic Recovery Expectations Becoming More Optimistic

December the 1st, 2021 - Croatian economic recovery expectations are looking a little brighter as we begin to slowly but surely emerge from the global coronavirus pandemic.

As Poslovni Dnevnik/Jadranka Dozan writes, if business leaders were to be asked, Croatian economic recovery expectations in the past month have been somewhat more optimistic than the month before. In contrast, among consumers themselves, the perception seems to be more susceptible to the development of the epidemiological picture of the time, meaning that in the last study their expectations actually decreased.

These are, in short, the main findings for the Republic of Croatia and the domestic economy from the latest report of the European Commission (EC) on the economic climate in the member states of the European Union (EU).

While the economic climate index (ESI) at the EU level last month slightly (by one percentage point) deteriorated when compared to the month of October, in Croatia it rose by slightly less than two percentage points, up to 111.3 points. The most pronounced growth of expectations among the domestic business community was shown by the construction sector (with an index growth of as high as 6.3 points).

Although a solid increase in optimism was recorded among the leaders of industrial companies, and somewhat milder in the trade and service sector, it was the wave of optimism among builders that outweighed the somewhat more pessimistic expectations of consumers.

Namely, among people themselves, reduced Croatian economic expectations were reflected in a drop in the index by 2.7 points. From the business sector for the next period, signals are coming in about the intentions of increased employment, although due to the ongoing pandemic, procurement problems are still likely to remain an issue.

At the level of the entire EU, the decline in consumer sentiment prevailed in the overall Croatian economic expectations, although they also improved slightly in the month of November among the European Union's business people, and employment expectations were also positively intoned.

For more, check out our dedicated politics section.

Friday, 26 November 2021

Strong GDP Growth in Q3 Increases Forecasts for All of 2021

ZAGREB, 26 Nov 2021 - The 15.8% GDP increase in Q3 has prompted RBA analysts to review their growth forecast for 2021 of 7%, the Chamber of Commerce says Croatia could be among the fastest-growing EU economies in 2021, 2022 and 2023, while employers note growth at the end of 2021 will be just a little higher than it was 10 years ago.

The State Bureau of Statistics (DZS) on Friday released its first estimate of GDP growth in the third quarter of the year, under which it is 15.8% higher than in Q3 2020.

That is the second-largest jump in economic activity after a record growth of 16.5% in Q2.

HGK: GDP growth in three quarters as much as 10.7%

Considering the good results in Q2 and Q3, in the first three quarters of the year GDP went up by as much as 10.7% compared to the same period of 2020, the Croatian Chamber of Commerce (HGK) said in its analysis of the latest DZS data.

Real GDP was not only significantly higher than in 2020 but it even exceeded the 2019 GDP by about 1.5%, putting Croatia among the most successful EU countries for which data is available.

"Of a total of 21 member states for which Eurostat has data for all three quarters, only ten achieved a GDP that was higher than in 2019. Compared to other member states, Croatia also stands out for the growth rate, having achieved the highest growth," the HGK said.

According to the European Commission, with an average GDP growth of 5.7% in this and in the next two years Croatia could rank third among EU countries, behind Ireland and Romania, and its growth is expected to be more dynamic than that of the entire EU, which will enable it to get closer to the EU development average.

HUP: GDP at end 2021 just a little higher than it was a decade ago

The Croatian Employers' Association (HUP) underscored that based on available indicators, the DZS's initial estimate confirms the double-digit growth rate of real GDP in the third quarter of this year as against the same period last year, however, it noted that  at the end of 2021, GDP would be just a little higher than the growth achieved more than a decade ago.

HUP notes that based on most economic indicators, Croatia continues to be at the bottom of the EU along with Bulgaria.

"In order to change that and for growth to be stepped up and the level of development of other EU members from central and eastern Europe to be achieved, we need to use the present time to create foundations for strong and sustainable growth rates in the future," HUP underscored.

Joining the euro area and accessing EU funds "could additionally push growth rates up in the coming period but exclusively on the condition reforms are implemented to enable investments and new employment."

For more on business, CLICK HERE.

Sunday, 3 October 2021

Croatian Economic Indicators Looking Positive, CNB at 8.5%

October the 3rd, 2021 - Croatian economic indicators that have been arriving over more recent months have been well and truly "trampling" on some recent forecasts on the pace of economic recovery, ie this year's GDP growth.

As Poslovni Dnevnik/Jadranka Dozan writes, only a few months ago, the Croatian National Bank revised the growth estimate upwards (to 6.2 percent), and now they're calculating that Croatian GDP growth rate will reach 8.5 percent this year. The latest projection was made by Governor Boris Vujcic at the Financial Market conference held in Opatija.

This is primarily based on the expected results of tourism, from which revenues, instead of the recent projections of 70 percent of those from pre-pandemic 2019, should reach as much as 90 percent. The CNB now calculates that the GDP growth rate will reach 8.5 percent this year.

Expectations from exports...

In addition to tourism and consumption, more rapid growth in 2021 than expected is also suggested by trends in merchandise exports, but in parallel with such dynamics of recovery after a sharp decline in 2020, expectations for next year are declining. The CNB now sees it at 4.1 percent in 2022, with, as the governor says, the risks associated with the pandemic and inflation, ie disruptions in supply chains.

However, indications of the return of production from Asia to the west may be an opportunity for part of that production to move to Croatia, according to the central bank. In any case, this year's Croatian economic indicators turned out to be closer to the forecasts of a number of foreign banking groups and think tanks whose GDP growth forecasts from a few months ago (of seven, eight percent or more) seemed too optimistic until quite recently.

The latest set of data that arrived from the Central Bureau of Statistics - on industrial production, retail trade and trade in services - is on the trail of a faster pace of recovery than originally expected. Thus, according to the CBS, the volume of industrial production back in August was 5.2 percent higher than it was back during the same month last year.

After 2020, in which the coronavirus crisis was reflected in a drop in production of 3.4 percent, it is the ninth consecutive month of growth on an annual basis. The annual growth rate of production in August accelerated when compared to July (3.9 percent), and if the period from the beginning of the year to the end of the eighth month is observed, production now stands at 8.3 percent higher than it did last year.

When it comes to year-on-year comparisons in August, the production of so-called intermediate goods, there was an increase of almost ten percent when compared to August last year, and a solid 6.6 percent was also recorded in terms of capital goods. When it comes to non-durable consumer goods, the increase in production was more moderate (3.5 and 1.5 percent), while the decline, by four percent, was recorded only in the category of durable consumer goods.

In addition to the effect of the base period, and with the continued strengthening of both Croatian and foreign demand, the industry has seen a slow increase in the number of insured people, according to HZMO data, which encourages positive expectations, Raiffeisen Bank analysts said in a flash review of the latest figures on industrial production.

The impact of the base effect has long followed the comments of various other Croatian economic indicators. It is also partly responsible for the latest annual retail sales growth rates. Back in August, retail consumption increased by 18.3 percent year on year.

In addition to the mentioned base effect, such double-digit growth is a consequence of more favourable trends in tourism, and it was certainly contributed to by, as they say from RBA, "moderately positive trends on the labour market."

August was the seventh month of consecutive (annual) growth in terms of Croatian consumption, and this series was preceded by 11 months of decline under the influence of the coronavirus crisis.

Double-digit growth rates

As with industry, retail sales in August saw accelerated growth year-on-year when compared to July when retail sales rose by 12.8 percent.

The growth of retail turnover in the retail trade of food, beverages and tobacco products exceeded 15 percent, while turnover from trade in non-food products (except trade in motor fuels and lubricants) recorded a stronger jump, only slightly less than 20 percent annually.

Cumulatively, from the beginning of the year to the end of August, retail trade recorded a 13.5 percent increase in turnover compared to the same period last year. Over the past year, retail sales fell by 5.8 percent in real terms.

The data from the Tax Administration on fiscalised receipts for the month of September signal the fact the next monthly announcement of the CBS on trade turnover will be in the form of a double-digit growth rate, although this data will also reflect this year's strengthening of inflationary pressures.

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

Wednesday, 22 September 2021

Equality of the Sexes Can Increase Croatia's GDP by €4bn a year - McKinsey Analysis

ZAGREB, 22 Sept, 2021 - If it steps up efforts to reduce the gap between the sexes and uses the potential of the female population, Croatia could increase its Gross Domestic Product (GDP) by €4 billion a year by 2030, shows an analysis by the McKinsey & Company consultancy, released on Wednesday.

A Winning Combination: How empowering women can benefit central and eastern Europe (CEE), is the title of an analysis studying the presence of women in the cooperate sector in the Czech Republic, Croatia, Hungary, Poland, Romania, Slovakia and Ukraine.

Women account for 52% of the population in those countries and more than 60% have university education. Despite that, they account for only 45% of the total workforce, McKinsey's analysis notes, adding that by increasing the equality of the sexes, central and eastern Europe could unlock €146 billion in GDP a year until 2030, which is roughly the amount of Croatia and Slovakia's GDP combined.

Three key factors for that would be increasing the participation of women in the total workforce, increasing paid hours for women and better representation of women in high-productivity sectors.

Increasing women's participation to help curb labour shortage

A partner at McKinsey & Company, Marta Matecsa, underscored that more women participating in the workforce would significantly help resolve labour shortages. Currently, the CEE has 630,000 job vacancies.

If the region reinstates its pre-pandemic growth rate, the number of job vacancies could increase to more than 2 million by 2030, said Matecsa.

Women hold only 8% of director positions

McKinsey's analysis shows that women account for more than 60% of graduate students in the CEE and as much as 37% of all managers - a share that is larger in comparison to Western Europe and even Nordic countries.

Nonetheless, women account for only about 20% of executive positions and only 8% of director positions. As many as 44% of the leading companies in the CEE do not have even one woman in that role.

In 2012 the share of women in management in CEE was 14%, just one percentage point behind Nordic countries and five percentage points ahead of Western Europe. Eight years later, the gap between the CEE and Nordic countries increased six-fold while the gap between Western Europe and the CEE was reduced to just three percentage points, McKinsey reported.

McKinsey added that a correlation existed between the portion of women in management positions and better financial results in companies.

Pandemic worsens balance between private and business life

The analysis shows that the COVID-19 pandemic has further worsened the balance between business and private life and even though both women and men now spend more time on household chores and unpaid care, more than 40% of female respondents said that the pandemic has significantly contributed to them considering reducing paid work or working hours and transferring to less demanding jobs or even leaving the workforce.

The analysis shows that 54% of women with children under 10 are actually considering just that.

For more about politics in Croatia, follow TCN's dedicated page.

Thursday, 2 September 2021

FinMin Says GDP Could Grow By 7% This Year

ZAGREB, 2 Sept 2021 - The latest macroeconomic trends indicate the upward revision of forecasts of the growth for this year and we now can expect a 7% rise on the year, Finance Minister Zdravko Marić said on Thursday.

He recalled that the government's current forecast is five percent.

Marić said that tax revenue from 1 January to 31 August was 0.7% higher than fin the corresponding period last year while VAT was over four percent more year on year.

YTD profit tax is a little lower as against the same period last year, but that was to be expected given that that is calculated based on the results in 2020. Contributions for pension insurance were 4% higher and that is on track with what we expected, he said.

The only levy that is mildly staggering is for automobiles which he explained by the reduction in some levies and global stagnation in the automobile industry.

As far as budget revenue is concerned, in August alone the value of fiscalised receipts was almost 21% higher than they were in August 2020.

He underscored a key role of the expenditure side for the sustainability of public finances.

Asked by the press about possible inflation in autumn particularly regarding food prices, Marić said that the latest data calls for caution.

According to the latest information from the national statistical office (DZS), inflation in July amounted to 2.8% on the year, the highest rate since April 2013. Consumer prices are fuelled by industrial producer prices which in July rose by 7.9% on the year, the biggest jump since April 2011.

Marić said that inflation was to be expected given monetary concessions on the global level and the amount of money released in the system which resulted in a drop in its price which then impacted inflation pressure.

He added that he isn't sure that the price hike on food and construction material can be entirely attributed to global trends and disruptions in the supply chain.

He warned there are very few prices that can be regulated as they are mostly regulated by the market and that market development and competitiveness are a must.

He recalled that when VAT was reduced on eggs, fresh meat, fish, fruit, and vegetables, tax policies had a limited impact because even after VAT was reduced the price of these products did not decrease significantly.

He mentioned the recurring rise in the debt by hospitals and that payment deadlines are now about 180 days for hospitals, 200 days for pharmacies and that the health insurance fund had transferred about HRK 5.9 billion to settle liabilities.

For more on politics, follow TCN's dedicated page.

Sunday, 18 July 2021

HNB Governor: Croatia's Q2 GDP Growth Rate Likely to Be About 18%

ZAGREB, 18 July, 2021 - The Croatian National Bank (HNB) Governor, Boris Vujčić, said on Sunday that Croatia's economy would likely reach a growth rate of about 18% in the second quarter of 2021, which was partly due to the low base in the Q2 2020 when the country had experienced a strong downturn.

Vujčić told the press in Dubrovnik where he had formally opened the 27th international economic conference, that Croatia's economic activity for the whole of 2021 would likely rebound at a rate of 6.8%, however, the epidemiological situation caused by the COVID pandemic still created uncertainties.

Vujčić explained that in the worst-case scenario, the GDP could rise by 4.8% in 2021.

The governor underscored a significant role of the government that provided job-retention grants which helped save jobs and made it possible for the recovery to be faster.

The crisis has made the ongoing digitisation processes faster, prompting remote working. I expect a large number of people to go back to work sites. Only after all things go back to normal, we will be provided with the real picture regarding the labour market that has behaved during the pandemic differently than during the big financial crisis in 2009 and 2010. In Croatia, we have already reached the 2019 levels in terms of employment figures and we are now faced with the recurring problem of shortage of skilled workforce, he said.

Commenting on the European Union's Next Generation plan, he said that that would be crucial for the economic recovery in the medium term.

In the next two years, the maximum of available funds will be tapped, and this amount of the funds withdrawn from the EU will have a positive impact on Croatia's GDP, according to his explanation.

The 27th Dubrovnik Economic Conference brought together about 70 experts and researchers from abroad and Croatia as well as representatives of financial institutions, central banks and the financial sector.

Some of the topics on the agenda of the conference are the further strengthening of the role of the state, particularly through the EU Next Generation programme, exchange mechanisms, corporate bankruptcies and so on.

For more on business in Croatia, follow TCN's dedicated page.

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