Croatia - Country Economic Memorandum : A Strategy for Growth through European Integration, Volume 2. Main Report
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Washington, DC
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For Croatia, the challenge is to create
conditions that will attract investment and produce growth.
These conditions can broadly be categorized as (a) stable,
progressive and predictable laws and institutions; (b)
efficient labor and financial markets; (c) macroeconomic and
financial stability; (d) social and environmental
sustainability; (e) effective integration into the European
infrastructure networks ensuring competitive cost and
quality; and (f) a dynamic business-oriented environment
which facilitates the production of high value added goods
and promotes the adoption of efficient processes and
innovative technologies. This Report proposes a reform
strategy for faster economic growth through European
integration. Other key inputs for creating a favorable
investment climate and consolidating growth prospects
include skilled labor, efficient financial markets, and
high-quality cost-efficient infrastructure services. Croatia
has already achieved substantial progress in these areas.
However, pursuing reforms in these sectors would not be
costly and would be good for growth and European
integration. Thus, higher education reform should be
pursued, as should reforms to create market-oriented
infrastructure institutions as envisaged in EU Directives,
including the institutional development of regulators and
the strengthening of the competition agency. The highly
competitive European environment requires, in particular,
well-focused training and higher education programs that
offer firms qualified staff and adequate skills for an
innovation-driven knowledge economy. The further deepening
of financial markets, which is closely connected to the
reforms in the legal and institutional framework outlined
above, ought to focus also on the strengthening of the
regulatory and supervisory functions, particularly in the
non-banking sectors. Similarly, market-oriented energy,
transport, and communications are crucial to enhance the
global competitiveness of the Croatian economy and to foster
its integration into the European economy while creating
opportunities for FDI.
Palabras clave
EURROPEAN INTEGRATION, ENTERPRISE RESTRUCTURING, STRUCTURAL REFORMS, INVESTMENT ENVIRONMENT, GROWTH PROMOTION, PROPERTY RIGHTS, JUDICIAL REFORM, JOB CREATION POLICIES, BUSINESS ENVIRONMENT, PUBLIC ADMINISTRATION, KNOWLEDGE TRANSFER, COMPETITIVENESS, MACROECONOMIC STABILIZATION, PUBLIC EXPENDITURES FOR HEALTH, WAGE LEVELS, FISCAL POLICY, GOVERNMENT SPENDING POLICY, SOCIAL SECURITY SYSTEMS, CIVIL SERVICE REFORMS, COURT PROCEDURES, SMALL CLAIMS COURTS, LEGAL FRAMEWORK, UNEMPLOYMENT RATES, BARRIERS TO ENTRY, LABOR MARKET CHARACTERISTICS, CORPORATE GOVERNANCE, PRIVATIZATION OF PUBLIC ENTERPRISES, DEBT SUSTAINABILITY, EMPLOYMENT CREATION, LAND RIGHTS, HUMAN CAPITAL DEVELOPMENT ACCOUNTABILITY, ADMINISTRATIVE REFORMS, AGRICULTURE, AIR, AIR QUALITY, ALTERNATIVE POLICIES, BALANCE SHEET, BANKING SYSTEM, BANKRUPTCY, BENCHMARK, CAPITAL FLOWS, CAPITAL GOODS, CENTRAL GOVERNMENT, CITIZENS, CIVIL SERVICE, COMPETITIVENESS, CONSOLIDATION, DEBT, DEMOCRATIZATION, DEVELOPMENT PROJECTS, ECONOMIC GROWTH, ECONOMIC INFORMATION, EMPLOYMENT, ENTERPRISE RESTRUCTURING, EXCHANGE RATE, EXPENDITURES, EXPORTS, EXTERNALITIES, FINANCIAL MARKETS, FINANCIAL SECTOR, FINANCIAL STABILITY, FISCAL, FISCAL REFORM, FOREIGN DIRECT INVESTMENT, FOREIGN INVESTMENT, FREE TRADE, GDP, HUMAN CAPITAL, INCOME, INNOVATION, INSTITUTIONAL CAPACITY, INSTITUTIONAL DEVELOPMENT, INSTITUTIONAL INVESTORS, INSTITUTIONAL REFORMS, INTERVENTION, INVESTMENT CLIMATE, JUDICIARY, KNOWLEDGE ECONOMY, LABOR MARKET, LABOR MARKETS, LABOR MOBILITY, LACK OF TRANSPARENCY, LAWS, LEGISLATION, LOCAL GOVERNMENT, MACROECONOMIC STABILITY, MARKETING, MEMBER STATES, NEW ENTRANTS, POLICY MAKERS, POLLUTION, PRESIDENTIAL ELECTIONS, PRIVATE SECTOR, PRIVATE SECTOR PARTICIPATION, PRIVATIZATION, PROPERTY RIGHTS, PRUDENTIAL REGULATIONS, PUBLIC ADMINISTRATION, PUBLIC ADMINISTRATION REFORM, PUBLIC DEBT, PUBLIC ENTERPRISES, PUBLIC EXPENDITURE, PUBLIC EXPENDITURES, PUBLIC GOODS, PUBLIC RESOURCES, PUBLIC SECTOR, QUALITY STANDARDS, RECURRENT EXPENDITURES, REGIONAL INTEGRATION, RESEARCH CENTERS, SAVINGS, SCHOOLS, SOCIAL COST, SOCIAL PROTECTION, SOFT BUDGET CONSTRAINTS, STATE AID, STATE-OWNED ENTERPRISES, SUSTAINABLE GROWTH, TERTIARY EDUCATION, TRADE BARRIERS, TRADE FLOWS, TRADE LIBERALIZATION, TRANSPORT, UNEMPLOYMENT, VALUE ADDED, WAGES, WASTE, WATER SUPPLY, WORKERS, WORLD TRADE ORGANIZATION, WTO