IMF Staff Country Reports

Republic of Croatia: Staff Report for 1999 Article IV Consultation

Publication Date:

January 21, 2000

Electronic Access:

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Summary:

Until recently, Croatia's economic performance was the envy of many countries in transition: a successful stabilization effort in late 1993 was followed by virtual price stability and real GDP growth of 6 percent a year during 1994–97. Monetary tightening, the weak economy, and a drying-up of repatriated foreign savings exposed the underlying insolvency of a group of rapidly growing banks. Executive Directors emphasized that the task of restoring fiscal balance could not be accomplished without redressing the finances of the pension and health care systems.

Series:

Country Report No. 2000/007

Subject:

Balance of payments Banking Currencies Current account deficits Economic sectors Exchange rates Expenditure Foreign exchange Labor Privatization Wage adjustments

Notes:

Included with the Staff Report are the text of Public Information Notice No. 00/04--IMF Concludes Article IV Consultation with the Republic of Croatia and a statement by J. de Beaufort Wijnholds, Executive Director, on January 7, 2000.