January 12 (SeeNews) - The World Bank said it lowered its forecast for Croatia's gross domestic product (GDP) growth to 5.4% in 2022 and 4.4% in 2023 in the context of a global economic slowdown.
In 2021 Croatia's economy is estimated to have expanded by 9.4%, the global lender said in its January 2022 Global Economy Prospects report published on Tuesday, revising upward its previous forecast for 7.6% growth last year.
In October the global lender said it expects that Croatia's economy will expand by 6.0% in 2022 and by 4.2% in 2023.
It did not elaborate on the specific reasons for the revision.
Global economic growth is projected to slow down from 5.5% last year to 4.1% in 2022 and 3.2% in 2023 amid uncertainty related to the pandemics and rising inflation.
The World Bank's projection for Croatia's 2021 economic growth is lower than the country's central bank forecast for 10.8% economic expansion last year.
In 2020 Croatia's economy contracted by more than 8% due to the COVID19 pandemic.