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Macroeconomic Stability, Fiscal Policy and Taxation: National Development Strategy Croatia 2030 Policy Note

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dc.contributor.authorWorld Bank
dc.date.accessioned2021-11-12T21:04:33Z
dc.date.available2021-11-12T21:04:33Z
dc.date.issued2019-07
dc.description.abstractCroatia has made significant economic progress since independence, but the global financial crisis has exposed weaknesses in its economy and growth model. While growth has resumed in 2015, income convergence has been thrown back by the crisis and by the prolonged recession that followed and is currently proceeding only slowly. Low growth potential, deriving from low productivity growth, an ageing society, emigration, and a pace of capital accumulation lower than before the crisis, needs to be boosted for sustainable and reasonably rapid income convergence with the EU28. To this end, the export sector merits particular attention. Integration in global value chains and exposure to international competition would help to strengthen firm-level productivity, investment, and wages. Croatia has the smallest goods export sector among its peers in Central and Eastern Europe (CEE), and while exports of services are strong thanks to a vibrant tourism industry, the potential for productivity improvements there is limited. Fiscal policy will need to remain tight, as high public debt, to a significant extent denominated in foreign currency, needs to be reduced and fiscal space rebuilt. However, there is scope for using expenditure policies, for instance better targeting of social assistance, to increase incentives for labor force participation, which would help counter adverse demographic trends, reduce the need for fiscal transfers and increase the scope for raising public investment, and reduce inequality and poverty. Lastly, the effectiveness and efficiency of public sector service delivery across almost the entire public sector will need to be raised. This will also serve to make Croatia a more attractive destination for investments, which in turn would help boost output, reduce unemployment, and provide more revenue.en
dc.identifierhttp://documents.worldbank.org/curated/undefined/431721635958873763/Macroeconomic-Stability-Fiscal-Policy-and-Taxation
dc.identifier.doi10.1596/36560
dc.identifier.urihttps://hdl.handle.net/10986/36560
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectFISCAL POLICY
dc.subjectTAXATION
dc.subjectMACROECONOMIC MANAGEMENT
dc.subjectEXPORTS
dc.subjectPUBLIC FINANCE
dc.subjectGOVERNMENT DEBT
dc.subjectEFFICIENCY
dc.subjectPUBLIC SECTOR REFORM
dc.titleMacroeconomic Stability, Fiscal Policy and Taxationen
dc.title.subtitleNational Development Strategy Croatia 2030 Policy Noteen
dc.typePolicy Noteen
dc.typeDocument de politique généralefr
dc.typeDocumento de políticases
dspace.entity.typePublication
okr.crossref.titleMacroeconomic Stability, Fiscal Policy and Taxation
okr.date.disclosure2021-11-03
okr.date.doiregistration2025-05-07T10:16:47.390971Z
okr.date.lastmodified2021-04-16T00:00:00Zen
okr.doctypeEconomic & Sector Work
okr.doctypeEconomic & Sector Work::Policy Note
okr.docurlhttp://documents.worldbank.org/curated/undefined/431721635958873763/Macroeconomic-Stability-Fiscal-Policy-and-Taxation
okr.guid431721635958873763
okr.identifier.externaldocumentum090224b0884e36fd_1_0
okr.identifier.internaldocumentum33005629
okr.identifier.report158429
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/431721635958873763/pdf/Macroeconomic-Stability-Fiscal-Policy-and-Taxation.pdfen
okr.region.administrativeEurope and Central Asia
okr.region.countryCroatia
okr.topicPublic Sector Development::Public Sector Expenditure Policy
okr.topicPublic Sector Development::Public Sector Management and Reform
okr.topicMacroeconomics and Economic Growth::Fiscal & Monetary Policy
okr.topicMacroeconomics and Economic Growth::Macroeconomic Management
okr.topicMacroeconomics and Economic Growth::Taxation & Subsidies
okr.unitEFI-ECA-MTI-MacroFiscal-2 (EECM2)
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