IMF visits Croatia to review economic progress

International Monetary Fund (IMF) delegation visited Croatia last week to review the country's economic progress.

Izvor: ready2invest.co.uk

Tuesday, 05.06.2007.

14:48

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IMF visits Croatia to review economic progress

In particular, the IMF team found that both domestic demand and real GDP growth are currently growing at a "significantly faster" rate than was projected when Article IV was implemented.

And while these are "largely positive" developments, the IMF still had some advice that could prove of benefit to the country.

The summary report from the IMF stated: "While much has been achieved on the fiscal front in recent years—notably a significant reduction in the fiscal deficit and improved budgetary processes and transparency—we continue to recommend saving government revenue overperformance this year, for several reasons."

Additionally, the report noted that Croatia could improve its competitiveness through structural reforms, which would help to improve foreign investment, perhaps to the benefit of the country's already booming property market.

Croatia's improved economic framework is likely to prove to be a factor in the EU's deliberations over the country's accession to the union.

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