wiiw Forecast Reports
CROATIA: In the eye of the storm
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in: No Quick Recovery in Sight, with Coronavirus Risks Looming Large
wiiw Forecast Report No. Autumn 2020, November 2020 , pp. 52-55
The economy’s heavy reliance on tourism means that Croatia will suffer one of the biggest contractions in CESEE in 2020, with real GDP projected to decline by 9.4%. Unemployment will rise, and inflation will average 0% for the year as a whole. To mitigate the economic downturn caused by COVID-19, the government initiated a support package worth about 9% of GDP. The tourism sector should stage at least a partial recovery next year, which will underpin growth of around 5%.
Reference to wiiw databases: wiiw Annual Database, wiiw Monthly Database
Countries covered: Croatia