Croatia Public Finance Review : Restructuring Spending for Stability and Growth

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dc.creatorWorld Bank
dc.date2015-01-14T19:15:48Z
dc.date2015-01-14T19:15:48Z
dc.date2014-10-01
dc.date.accessioned2026-07-01T00:50:12Z
dc.descriptionThe Croatia poverty rate, as measured by the international line of moderate poverty at dollar 5 in public-private partnership (PPP) terms, is estimated at 2.8 percent for 2012. The share of the population at risk of poverty, based on a higher national and relative poverty line, also declined substantially prior to the 2008 global financial crisis, although has subsequently increased markedly. The global financial crisis, with the loss of credit, has exposed Croatia's macroeconomic vulnerabilities. This report shows that without addressing macroeconomic weaknesses, through sustained fiscal adjustment and institutional reforms, Croatia will not be able to reignite higher growth and benefit fully from European Union (EU) membership, and the quest for future prosperity may prove elusive. Similarly, without accelerating structural reforms, especially in the area of labor market, investment climate, and public sector efficiency, Croatia will face further stifled competitiveness and any prospects for recovery of growth and jobs. Focusing on the fiscal and public sector related deficiencies, this report systematically analyzes three interrelated issues to assist the Croatian government in informing public policy, strengthening macroeconomic stability, and laying the foundation for a robust recovery: first, it analyzes Croatia's major fiscal weaknesses, risks, and alternative fiscal scenarios, and on that basis, calculates the required fiscal adjustment needed over the medium term. Second, it analyzes the institutional weaknesses and requirements for the efficient use of EU funds in the coming years. Third, the report analyzes the structure of Croatia's public finances and provides a blueprint of the fiscal adjustment of around 5 percentage points of gross domestic product (GDP) over the medium term.
dc.formatapplication/pdf
dc.formattext/plain
dc.identifierhttp://documents.worldbank.org/curated/en/2014/10/23014557/croatia-public-finance-review-restructuring-spending-stability-growth
dc.identifierhttps://hdl.handle.net/10986/21282
dc.identifierhttps://doi.org/10.1596/21282
dc.identifier.urihttp://hdl.handle.net/123456789/411734
dc.languageEnglish
dc.languageen_US
dc.rightsCC BY 3.0 IGO
dc.rightshttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOUNTING
dc.subjectADVERSE IMPACTS
dc.subjectAGRICULTURE
dc.subjectAPPROPRIATIONS
dc.subjectARREARS
dc.subjectBALANCE SHEET
dc.subjectBANKRUPTCIES
dc.subjectBASIS POINTS
dc.subjectBENEFICIARIES
dc.subjectBENEFICIARY
dc.subjectBONDS
dc.subjectBORROWING COSTS
dc.subjectBUDGETING
dc.subjectBUSINESS CLIMATE
dc.subjectBUSINESS ENVIRONMENT
dc.subjectCAPITAL GAIN
dc.subjectCAPITAL INFLOWS
dc.subjectCAPITAL INVESTMENTS
dc.subjectCDS
dc.subjectCOMPETITION POLICIES
dc.subjectCONNECTIVITY
dc.subjectCONSOLIDATION PROCESS
dc.subjectCONTINGENT LIABILITIES
dc.subjectCONTINGENT LIABILITY
dc.subjectCONTRACTUAL RELATIONSHIPS
dc.subjectCREDIT AGENCIES
dc.subjectCURRENCY
dc.subjectDEBT
dc.subjectDEBT LEVELS
dc.subjectDEBT OVERHANG
dc.subjectDEBT REPAYMENT
dc.subjectDEBT STOCK
dc.subjectDEBTS
dc.subjectDECENTRALIZATION
dc.subjectDEFAULT RISK
dc.subjectDEMOGRAPHIC
dc.subjectDEVELOPMENT BANK
dc.subjectDIRECT PAYMENTS
dc.subjectDOMESTIC ECONOMY
dc.subjectDOMESTIC MARKET
dc.subjectECONOMIC COOPERATION
dc.subjectECONOMIC CRISIS
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC INTEGRATION
dc.subjectECONOMIC RECOVERY
dc.subjectECONOMIC SECTORS
dc.subjectECONOMIC SITUATION
dc.subjectEXCHANGE RATE
dc.subjectEXPORT COMPETITIVENESS
dc.subjectEXPORTS
dc.subjectEXTERNAL BORROWING
dc.subjectEXTERNAL DEBT
dc.subjectEXTERNAL FINANCING
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL INTEGRATION
dc.subjectFINANCIAL MANAGEMENT
dc.subjectFINANCIAL MANAGEMENT SYSTEMS
dc.subjectFINANCIAL SUPPORT
dc.subjectFINANCING REQUIREMENTS
dc.subjectFISCAL CONSOLIDATION
dc.subjectFISCAL DECENTRALIZATION
dc.subjectFISCAL DEFICIT
dc.subjectFISCAL DEFICITS
dc.subjectFISCAL DISCIPLINE
dc.subjectFISCAL EFFORT
dc.subjectFISCAL MANAGEMENT
dc.subjectFISCAL PERFORMANCE
dc.subjectFISCAL PLANS
dc.subjectFISCAL POLICY
dc.subjectFIXED CAPITAL
dc.subjectFIXED INTEREST
dc.subjectFIXED INTEREST RATE
dc.subjectFOREIGN CURRENCY
dc.subjectFOREIGN INVESTORS
dc.subjectFRAUD
dc.subjectGDP
dc.subjectGDP DEFLATOR
dc.subjectGINI COEFFICIENT
dc.subjectGLOBAL ECONOMY
dc.subjectGOVERNANCE INDICATORS
dc.subjectGOVERNMENT DEBT
dc.subjectGOVERNMENT DEFICIT
dc.subjectGOVERNMENT EXPENDITURE
dc.subjectGOVERNMENT EXPENDITURES
dc.subjectGOVERNMENT FINANCES
dc.subjectGRANT FUNDING
dc.subjectGROSS DEBT
dc.subjectGROSS DOMESTIC PRODUCT
dc.subjectGROWTH POTENTIAL
dc.subjectGROWTH RATE
dc.subjectGROWTH RATES
dc.subjectHEALTH SPENDING
dc.subjectHOLDING
dc.subjectHOLDING COMPANIES
dc.subjectHOURLY WAGES
dc.subjectHOUSING
dc.subjectHUMAN RESOURCE
dc.subjectIMPLICIT INTEREST
dc.subjectINCOME INEQUALITY
dc.subjectINCOME TAX
dc.subjectINCOME TAXES
dc.subjectINDEXATION
dc.subjectINEFFICIENCY
dc.subjectINFLATION
dc.subjectINFORMATION SYSTEM
dc.subjectINSTITUTIONAL CAPACITY
dc.subjectINSTRUMENT
dc.subjectINSURANCE
dc.subjectINSURANCE PREMIUM
dc.subjectINTEREST EXPENDITURE
dc.subjectINTEREST EXPENDITURES
dc.subjectINTEREST INCOME
dc.subjectINTEREST PAYMENT
dc.subjectINTEREST PAYMENTS
dc.subjectINTEREST RATE
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL FINANCIAL INSTITUTIONS
dc.subjectINVESTMENT CLIMATE
dc.subjectLABOR MARKET
dc.subjectLABOR MARKETS
dc.subjectLIFE EXPECTANCY
dc.subjectLIVING STANDARDS
dc.subjectLOCAL CURRENCY
dc.subjectLOCAL GOVERNMENT
dc.subjectLOCAL GOVERNMENTS
dc.subjectLOCAL SPENDING
dc.subjectLONG-TERM COSTS
dc.subjectLONG-TERM FINANCE
dc.subjectMACROECONOMIC MANAGEMENT
dc.subjectMACROECONOMIC RISKS
dc.subjectMACROECONOMIC STABILITY
dc.subjectMACROECONOMIC VULNERABILITIES
dc.subjectMACROECONOMICS
dc.subjectMARKET ACCESS
dc.subjectMARKET EFFICIENCY
dc.subjectMARKET PERFORMANCE
dc.subjectMATURITY
dc.subjectMERGERS
dc.subjectNATIONAL GOVERNMENTS
dc.subjectNATIONAL INCOME
dc.subjectOUTPUT
dc.subjectOUTPUT GAP
dc.subjectOUTPUT LOSS
dc.subjectOUTSOURCING
dc.subjectPENSION
dc.subjectPENSION CONTRIBUTION
dc.subjectPENSION EXPENDITURES
dc.subjectPENSION REFORM
dc.subjectPENSION SYSTEM
dc.subjectPENSIONS
dc.subjectPER CAPITA INCOME
dc.subjectPERSONAL INCOME
dc.subjectPORTS
dc.subjectPRIVATE SECTOR
dc.subjectPROPERTY TAXES
dc.subjectPROVISIONS
dc.subjectPUBLIC
dc.subjectPUBLIC DEBT
dc.subjectPUBLIC ENTERPRISES
dc.subjectPUBLIC EXPENDITURES
dc.subjectPUBLIC FINANCE
dc.subjectPUBLIC FINANCES
dc.subjectPUBLIC FUNDS
dc.subjectPUBLIC INVESTMENT
dc.subjectPUBLIC INVESTMENTS
dc.subjectPUBLIC POLICY
dc.subjectPUBLIC PROCUREMENT
dc.subjectPUBLIC RESOURCES
dc.subjectPUBLIC REVENUES
dc.subjectPUBLIC SECTOR
dc.subjectPUBLIC SECTOR COMPENSATION
dc.subjectPUBLIC SECTOR EFFICIENCY
dc.subjectPUBLIC SECTOR MANAGEMENT
dc.subjectPUBLIC SECTOR PERFORMANCE
dc.subjectPUBLIC SPENDING
dc.subjectPUBLIC TELEVISION
dc.subjectRATES OF RETURN
dc.subjectREAL ESTATE
dc.subjectREAL EXCHANGE RATE
dc.subjectREAL INTEREST
dc.subjectREAL INTEREST RATE
dc.subjectRECESSION
dc.subjectREGULATORY FRAMEWORK
dc.subjectREPAYMENT
dc.subjectREPLACEMENT RATE
dc.subjectRETIREMENT AGE
dc.subjectRETURN
dc.subjectREVENUE SOURCES
dc.subjectRISK FACTORS
dc.subjectRISK MANAGEMENT
dc.subjectRISK MANAGEMENT SYSTEM
dc.subjectROADS
dc.subjectRULE OF LAW
dc.subjectSAVINGS
dc.subjectSECURITIES
dc.subjectSHORT-TERM DEBT
dc.subjectSOCIAL COST
dc.subjectSOCIAL PROTECTION
dc.subjectSOCIAL WELFARE
dc.subjectSOLVENCY
dc.subjectSOVEREIGN BOND
dc.subjectSOVEREIGN BOND MARKETS
dc.subjectSOVEREIGN DEBT
dc.subjectSOVEREIGN RATINGS
dc.subjectSTATE GUARANTEES
dc.subjectSTOCK-FLOW ADJUSTMENT
dc.subjectSTRUCTURAL PROBLEMS
dc.subjectSUBNATIONAL GOVERNMENTS
dc.subjectSUSTAINABILITY ANALYSIS
dc.subjectT-BILLS
dc.subjectTAX
dc.subjectTAX EXEMPTIONS
dc.subjectTAX REVENUE
dc.subjectTAX REVENUES
dc.subjectTAX SYSTEM
dc.subjectTAXATION
dc.subjectTRANSITION COUNTRIES
dc.subjectTRANSITION ECONOMIES
dc.subjectTRANSPARENCY
dc.subjectUNEMPLOYMENT
dc.subjectUNEMPLOYMENT RATE
dc.subjectVALUATIONS
dc.subjectVALUE ADDED
dc.subjectWAGE DIFFERENTIALS
dc.subjectWAGES
dc.subjectWITHDRAWAL
dc.titleCroatia Public Finance Review : Restructuring Spending for Stability and Growth

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