Statement by IMF Managing Director Christine Lagarde at the Conclusion of her Visit to Croatia

IMF News, July 12, 2017

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Canonical URL: Statement by IMF Managing Director Christine Lagarde at the Conclusion of her Visit to Croatia

Press Release No. 17/276
Date: July 12, 2017
Location of statement: Dubrovnik
Speaker: Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF)
Context: Visit included participation in a joint IMF/Croatian National Bank conference on “Reaccelerating Convergence in Central Eastern and Southeastern Europe: The Role of Governance and Institutions” and a regional roundtable discussion.

Regional transformation: The region has "transformed successfully from centrally planned economies to market-based systems in less than a generation."
Convergence slow-down: "Convergence with advanced Europe has slowed since the global financial crisis."
Croatia-specific developments:
- Croatia recorded growth "for the third year in a row after a long recession."
- Strong fiscal outcome in 2016.
- Exit from the EU’s Excessive Deficit Procedure in June 2017.

Governance and institutions:
- Good governance and strong institutions can "play a crucial role in speeding up the convergence process and making growth more durable and inclusive."
Fiscal policy and resilience:
- Encouraged "efforts to strengthen Croatia’s economic defenses, including through further reducing debt," to "provide room to maneuver in case economic conditions deteriorate."
- Emphasized the importance of fiscal reforms.
Structural policy:
- Emphasized the importance of structural reforms to "improve competitiveness and boost private sector growth and employment opportunities, especially for women and youth."

Participated in:
- Joint IMF/Croatian National Bank conference on “Reaccelerating Convergence in Central Eastern and Southeastern Europe: The Role of Governance and Institutions.”
- Regional roundtable discussion with economic policymakers from throughout the region.
Bilateral and high-level meetings with:
- Prime Minister Andrej Plenković
- Deputy Prime Minister and Minister of Economy Martina Dalić
- Croatian National Bank Governor Boris Vujcić
- Minister of Finance Zdravko Marić
- "and their colleagues"
Closing remark: Ms. Lagarde expressed gratitude: “I would like to thank the authorities and the Croatian people for their warm welcome and gracious hospitality.”

Statement by IMF Managing Director Christine Lagarde, July 12, 2017.