January 11 (SeeNews) - The World Bank said it expects Croatia's economy to grow by 0.8% in 2023, the country's first year as member of the euro area, down by 2.6 percentage points compared to the bank's previous prediction made in June.
Croatia's real gross domestic product (GDP) is estimated to have expanded by 6.6% in 2022, up by 2.8% percentage points compared to the June forecast, the World Bank said in its January 2023 Global Economic Prospects report published on Tuesday.
The global lender kept unchanged its June forecast for the Adriatic country's economic growth in 2024, at 3.1%.
According to the World Bank, global economic growth is expected to decelerate sharply this year, to 1.7%, its third-weakest pace in nearly three decades, overshadowed only by the 2009 and 2020 global recessions, due to synchronous policy tightening aimed at containing very high inflation, worsening financial conditions, and continued disruptions from Russia's invasion of Ukraine. This is 1.3 percentage points below previous forecasts.