Republic of Croatia: 2024 Article IV Consultation-Press Release; and Staff Report

Author: International Monetary Fund. European Dept.

Volume/Issue: Volume 2024 Issue 246

Publication date: July 2024

ISBN: 9798400285332

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Inflation , Labor , Economics- Macroeconomics , FX reserve management monetary policy instrument , authorities project , inflation expectation , green transition , EU integration process , Fiscal stance , Inflation , Loans , Labor markets , Global , Europe

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Summary

Croatia is the newest euro area (EA) member. Following a very strong recovery in 2021–22, growth moderated to 3.1 percent in 2023, still among the highest in the EA. Inflation has decelerated considerably since early 2023 but remains above the EA average, while the labor market remains tight. Growth is expected to stay robust in 2024–25, led by strengthening household real incomes and investment supported by EU funds. Inflation is expected to gradually approach 2 percent in late 2025. Risks to the outlook are broadly balanced. Subdued productivity and labor shortages are the main obstacles to potential growth.