Croatia as an emerging country in Europe
Before the dissuolution of Yugoslavia, the Republic of Croatia was the most prosperous and industrlised area with per-capita output perhaps one-third above the Yugoslav average. The economy emerged form a mild recession in 2000 with tourism, banking and public investments leading the way.
Undemployment remains high at about 14 per cent with structural factors slowing its decline. While macroeconomic stabilization has largley been achieved, structural reforms lag because of deep resistance on thepart of the public and lack of strong support from politicians. Growth , while immpresive at four per cent for several years, has been achieved through high fiscal and current account deficits. The goverment is gradually reducing a heavy backlog of civil cases, many involving land tenure. The EU accession process should accelerate fiscal and structural reform. The Croatian currency is the Kuna and the Central Bank intervenes to smooth currency movements against the euro and consequently moves in a similar pattern to the Euro against Sterling.
Like Bulgaria Croatia has yet to enjoy the EU and recent attempts at negotiation have been marred by Croatia's failure to extradite the war criminal General Ante Gotovina. However, talks are not dead and Croatia is expected to join the EU sometime in 2008.
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