Croatia Public Finance Review : Restructuring Spending for Stability and Growth

World Bank

Croatia Public Finance Review : Restructuring Spending for Stability and Growth

2015

World Bank

The Croatia poverty rate, as measured by the international line of moderate poverty at dollar 5 in public-private partnership (PPP) terms, is estimated at 2.8 percent for 2012. The share of the population at risk of poverty, based on a higher national and relative poverty line, also declined substantially prior to the 2008 global financial crisis, although has subsequently increased markedly. The global financial crisis, with the loss of credit, has exposed Croatia's macroeconomic vulnerabilities. This report shows that without addressing macroeconomic weaknesses, through sustained fiscal adjustment and institutional reforms, Croatia will not be able to reignite higher growth and benefit fully from European Union (EU) membership, and the quest for future prosperity may prove elusive. Similarly, without accelerating structural reforms, especially in the area of labor market, investment climate, and public sector efficiency, Croatia will face further stifled competitiveness and any prospects for recovery of growth and jobs. Focusing on the fiscal and public sector related deficiencies, this report systematically analyzes three interrelated issues to assist the Croatian government in informing public policy, strengthening macroeconomic stability, and laying the foundation for a robust recovery: first, it analyzes Croatia's major fiscal weaknesses, risks, and alternative fiscal scenarios, and on that basis, calculates the required fiscal adjustment needed over the medium term. Second, it analyzes the institutional weaknesses and requirements for the efficient use of EU funds in the coming years. Third, the report analyzes the structure of Croatia's public finances and provides a blueprint of the fiscal adjustment of around 5 percentage points of gross domestic product (GDP) over the medium term.

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accounting agriculture debt decentralization economic growth economic integration economic recovery economic sectors economic situation exchange rate exports external debt fixed capital fraud gross domestic product growth rate housing income tax inflation instrument insurance interest rates living standards local government macroeconomics market access maturity national income pension pensions ports private sector public debt public enterprises public finance public investment public sector real estate repayment risk factors risk management roads rule of law savings social protection social welfare taxation unemployment value added wages

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Short-term debt; Demographic; Per capita income; Personal income; Interest expenditure; Financial management; Fixed interest; Grant funding; Public sector performance; Tax revenue; Business environment; Cds; Pension system; Subnational governments; Pension expenditures; Default risk; Economic cooperation; Life expectancy; Public sector efficiency; Credit agencies; Beneficiary; Income taxes; Public; Budgeting; Gdp deflator; International financial institutions; Interest rate; Adverse impacts; Valuations; Tax revenues; Public expenditures; Consolidation process; Return; Public sector management; Contingent liabilities; Regulatory framework; Real interest rate; Borrowing costs; Fixed interest rate; Debt repayment; Growth potential; Long-term costs; Government debt; Gross debt; Property taxes; Appropriations; Export competitiveness; Tax system; Public revenues; State guarantees; Labor markets; Outsourcing; Financing requirements; Pension reform; Debt levels; Hourly wages; Balance sheet; Retirement age; Investment climate; Insurance premium; Interest income; Contractual relationships; Foreign currency; Government expenditures; Indexation; Solvency; Foreign investors; Growth rates; Government expenditure; Risk management system; Pension contribution; Human resource; Real exchange rate; Fiscal performance; Holding; Fiscal plans; Capital investments; Fiscal effort; Sovereign debt; Public resources; Debts; Transition economies; Macroeconomic management; Market efficiency; Fiscal deficit; Fiscal policy; Macroeconomic risks; Output gap; Securities; Health spending; Tax exemptions; Basis points; Gini coefficient; Public investments; Domestic economy; Public policy; Income inequality; Interest payment; Sustainability analysis; Institutional capacity; Financial crisis; Mergers; Interest payments; Output loss; Output; Fiscal consolidation; Information system; Withdrawal; Public procurement; Sovereign bond markets; Financial integration; Public finances; Fiscal management; Bankruptcies; Replacement rate; Currency; Gdp; External financing; Local spending; Domestic market; Revenue sources; Inefficiency; Direct payments; Holding companies; Arrears; Government finances; Capital gain; Labor market; Wage differentials; Development bank; Government deficit; Implicit interest; Transition countries; Fiscal deficits; Sovereign bond; Interest expenditures; Sovereign ratings; Debt overhang; Debt stock; Recession; Unemployment rate; Public sector compensation; Connectivity; Local currency; Stock-flow adjustment; Real interest; Bonds; Capital inflows; National governments; Market performance; Local governments; Financial support; Rates of return; Global economy; Public funds; External borrowing; Transparency; Beneficiaries; Structural problems; Governance indicators; Fiscal decentralization; Economic crisis; Business climate; Fiscal discipline; Macroeconomic stability; Macroeconomic vulnerabilities; Public television; Financial management systems; Social cost; Public spending; Long-term finance; Tax; T-bills; Contingent liability; Provisions; Competition policies

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anglais

Type

Economic & Sector Work; Economic & Sector Work :: Other Financial Sector Study

Sur AGRIS depuis: 2016-03-15

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Croatia Public Finance Review : Restructuring Spending for Stability and Growth

2015

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