The Resource Republic of Croatia : 2014 Article IV consultation, staff report, press release, and statement by the Executive Director for the Republic of Croatia

Republic of Croatia : 2014 Article IV consultation, staff report, press release, and statement by the Executive Director for the Republic of Croatia

Label
Republic of Croatia : 2014 Article IV consultation, staff report, press release, and statement by the Executive Director for the Republic of Croatia
Title
Republic of Croatia
Title remainder
2014 Article IV consultation, staff report, press release, and statement by the Executive Director for the Republic of Croatia
Title variation
Republic of Croatia, staff report for the 2014 Article IV consultation
Contributor
Subject
Language
eng
Summary
"Croatia remains stuck in an unusually drawn out recession, with real GDP contracting for the 5th consecutive year in 2013. Domestic demand is depressed as corporations and households struggle with excessive debts accumulated in the 2000s. Exports and FDI are also weak, reflecting poor trading partner growth and structural weaknesses. With traditional fiscal and monetary policy responses out of reach (see below), private sector debt restructuring and measures to attract FDI provide the best prospect to revive growth in the short to medium term. Further, labor market reforms are critical to strengthen the economy' capacity to adapt to external conditions. Restoring Fiscal Sustainability. High fiscal deficits, rapidly increasing public debt and elevated risk spreads demand sustained fiscal consolidation. Adjustment should be stretched over several years, with an emphasis on low multiplier measures - including on the revenue side - during the early phase of consolidation. Safeguarding Monetary and Financial Stability. Monetary policy aims at stability of the kuna-euro exchange, to prevent that a depreciation trigger a contractionary revaluation of FX-indexed debts. The central bank has defended the arrangement with limited but effective instruments, notably FX liquidity and required reserves regulation. The banking system has remained stable in spite of the protracted recession, owing in large measure to the central bank's aggressive capitalization policy. Previous Staff Advice. Since the 2012 Article IV consultation, the authorities have made progress with reforms to strengthen the legal and regulatory framework for investments and to enhance the labor market's adaptive capacity. Fiscal policy slipped in 2013, but a renewed effort at consolidation has been made recently with a revised 2014 budget. The 2014 effort remains to be integrated into a coherent, multi-year strategy"--Abstract
Member of
Cataloging source
DJB
Dewey number
338.9
Government publication
international or intergovernmental publication
Illustrations
illustrations
Index
no index present
LC call number
HC59.15.I15
LC item number
No. 14/124eb
Literary form
non fiction
Nature of contents
dictionaries
Series statement
IMF country report
Series volume
no. 14/124
Label
Republic of Croatia : 2014 Article IV consultation, staff report, press release, and statement by the Executive Director for the Republic of Croatia
Publication
Note
  • "April 23, 2014"--Page 2 of pdf
  • "May 2014."
http://library.link/vocab/branchCode
  • net
Carrier category
online resource
Carrier category code
cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
txt
Content type MARC source
rdacontent
Control code
ocn880184357
Extent
1 online resource (74 pages)
Form of item
online
Isbn
9781484396513
Media category
computer
Media MARC source
rdamedia
Media type code
c
Other physical details
color illustrations
http://library.link/vocab/recordID
.b30418021
Specific material designation
remote
System control number
  • (OCoLC)880184357
  • imf1484396510

Library Locations

    • Deakin University Library - Geelong Waurn Ponds CampusBorrow it
      75 Pigdons Road, Waurn Ponds, Victoria, 3216, AU
      -38.195656 144.304955
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