Croatia: Public Finance Review, Restructuring for Stability and Growth

Croatia: Public Finance Review, Macroeconomics and Fiscal Management Global Practice, Europe and Central Asia Region, IBRD, World Bank Croatia office, 2013

160 Pages Posted: 10 Jan 2015

See all articles by Sanja Madzarevic-Sujster

Sanja Madzarevic-Sujster

World Bank

Theo Thomas

Independent

Zeljko Bogetic

World Bank

Gallina Andronova Vincelette

The World Bank

Ivan Kusen

World Bank

Matija Laco

Independent

Roberto Naim Fattal Jaef

World Bank

Velimir Sonje

Independent

Julia Dhmitri

Independent

Raul Junquera

Independent

Ivana Maletic

Independent

Emilia Anna Skrok

World Bank

Ivana Jovic

Independent

Vasile Olievschi

Independent

Blanka Babic

Independent

Radoslaw Czapski

Independent

Jean-Francois Marteau

World Bank

Lana Andricevic

Independent

Emil Tesliuc

Independent

Danijel Nestic

Independent

Vlatka Bilas

University of Zagreb - Faculty of Economics & Business

Marcelo Bortman

Independent

Agnes Couffinhal

World Bank

Zoran Anusic

Independent

Anto Bajo

Independent

Irina Ramniceanu

Independent

Miroslav Bozic

Independent

Date Written: July 4, 2014

Abstract

On July 1, 2013, Croatia became the 28th member of the European Union. This achievement crowned more than a decade of macroeconomic and institutional reforms by the Croatian authorities and other stakeholders that yielded important development results. Croatia's institutions are now stronger than a decade ago, reflecting broad and deep institutional adjustment that underpinned the pre-accession process and Croatia has become a high-income country within a decade. Yet the global economic crisis exposed Croatia's macroeconomic vulnerabilities. The report analyzes three inter-related issues needed to strengthen macroeconomic stability, and lay the foundation for a robust recovery. First, it analyzes major fiscal weaknesses, risks and alternative fiscal scenarios. Second, it analyzes institutional weaknesses and requirements for the efficient use of EU funds. And third, it analyzes the structure of Croatia's public finances and provides policy options for short term expenditure controls and medium-term fiscal adjustment.

Keywords: Croatia, EU, European Union, public finance

JEL Classification: H1, H5, H6, O52

Suggested Citation

Madzarevic-Sujster, Sanja and Thomas, Theo and Bogetic, Zeljko and Vincelette, Gallina Andronova and Kusen, Ivan and Laco, Matija and Fattal Jaef, Roberto Naim and Sonje, Velimir and Dhmitri, Julia and Junquera, Raul and Maletic, Ivana and Skrok, Emilia Anna and Jovic, Ivana and Olievschi, Vasile and Babic, Blanka and Czapski, Radoslaw and Marteau, Jean-Francois and Andricevic, Lana and Tesliuc, Emil and Nestic, Danijel and Bilas, Vlatka and Bortman, Marcelo and Couffinhal, Agnes and Anusic, Zoran and Bajo, Anto and Ramniceanu, Irina and Bozic, Miroslav, Croatia: Public Finance Review, Restructuring for Stability and Growth (July 4, 2014). Croatia: Public Finance Review, Macroeconomics and Fiscal Management Global Practice, Europe and Central Asia Region, IBRD, World Bank Croatia office, 2013. Available at SSRN: https://ssrn.com/abstract=2545527 or http://dx.doi.org/10.2139/ssrn.2545527

Sanja Madzarevic-Sujster (Contact Author)

World Bank ( email )

1818 H Street, NW
Washington, DC 20433
United States

Theo Thomas

Independent ( email )

No Address Available

Zeljko Bogetic

World Bank ( email )

1818 H Street, N.W.
Washington, DC 20433
United States

Gallina Andronova Vincelette

The World Bank ( email )

1818 H Street, NW
Washington, DC 20433
United States
+1.202.473.0288 (Phone)

Ivan Kusen

World Bank ( email )

1818 H Street, NW
Washington, DC 20433
United States

Matija Laco

Independent

No Address Available

Roberto Naim Fattal Jaef

World Bank ( email )

1818 H Street NW
Washington, DC 20433
United States

Velimir Sonje

Independent

No Address Available

Julia Dhmitri

Independent

No Address Available

Raul Junquera

Independent

No Address Available

Ivana Maletic

Independent

No Address Available

Emilia Anna Skrok

World Bank ( email )

1818 H Street, NW
Washington, DC 20433
United States

Ivana Jovic

Independent ( email )

No Address Available

Vasile Olievschi

Independent

No Address Available

Blanka Babic

Independent

No Address Available

Radoslaw Czapski

Independent

No Address Available

Jean-Francois Marteau

World Bank ( email )

1818 H Street, NW
Washington, DC 20433
United States

Lana Andricevic

Independent

No Address Available

Emil Tesliuc

Independent

No Address Available

Danijel Nestic

Independent ( email )

No Address Available

Vlatka Bilas

University of Zagreb - Faculty of Economics & Business ( email )

Trg J. F. Kennedyja 6
Zagreb, City of Zagreb 10000
Croatia

Marcelo Bortman

Independent

No Address Available

Agnes Couffinhal

World Bank ( email )

1818 H Street, NW
Washington, DC 20433
United States

Zoran Anusic

Independent

No Address Available

Anto Bajo

Independent

No Address Available

Irina Ramniceanu

Independent

No Address Available

Miroslav Bozic

Independent

No Address Available

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