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Sep 22, 2023 10:23 EEST
September 22 (SeeNews) - The Organisation for Economic Co-operation and Development (OECD) raised its forecast for Croatia's economic growth this year to 3.0% from 2.1% it projected in June.
"Released two days after the OECD’s latest Interim Economic Outlook reported a stable but still fragile outlook for the global economy – the Economic Survey of Croatia projects Croatia’s GDP growing by 3.0% in 2023 and 2.4% in 2024, after 6.2% in 2022, with rising exports, investment and consumer spending supporting growth," OECD said in a press release late on Thursday presenting its first OECD Economic Survey of the Adriatic country.
Croatia is in the process of accession to the 38-member OECD.
Croatia’s economy performed well over recent years, driving increases in incomes and well-being. Boosting business investment and skills will be the key to sustaining growth and to achieve furtherincrease in living standards, according to the OECD report.
Croatia’s inflation is inching down after peaking in November at 13%, but broad price pressures across the economy remain a concern, it added.
The OECD recommends winding down energy support and avoiding further fiscal stimulus while inflation is high. Croatia’s integration into the euro and Schengen areas at the start of this year is supporting investment, exports, and access to finance. Closely monitoring lending growth will help ensure that it supports productive investments, according to OECD.
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