Republic of Croatia: 2023 Article IV Consultation-Press Release; Staff Report; and Staff Statement

Author: International Monetary Fund. European Dept.

Volume/Issue: Volume 2023 Issue 233

Publication date: June 2023

ISBN: 9798400246760

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Topics covered in this book

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Inflation , Labor , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , euro adoption , further labor market reform , headline inflation , inflation development , money market rate , Inflation , Labor markets , Fiscal stance , Income , Global

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Summary

On January 1, 2023, Croatia became the 20th member of the eurozone. The country posted another strong growth year in 2022, among the highest in the eurozone. But the momentum started to slow in H2, while inflation rose to a multi-decade high, reflecting indirect impacts from Russia’s war in Ukraine. Staff expects growth to moderate to 2.4 percent in 2023 and recover to its potential over the medium term. Inflation is projected to average 7½ percent in 2023 and gradually fall towards the 2 percent target. The outlook is subject to considerable uncertainty. Risks to growth are broadly balanced and risks to inflation are tilted to the upside.