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by Guest 19/5/2020, 20:07

ZAGREB (Croatia), April 30 (SeeNews) - Croatia's government projects an economic contraction of 9.4% this year as a result of the coronavirus crisis but expects the economy to return to growth next year with a rise in output of 6.1%, finance minister Zdravko Maric said on Thursday.
"All GDP components will drop this year, apart from state spending which is influenced by health care spending and support extended to the economy," Maric said, as quoted in an article by state news agency HINA posted on the government's website.
The general government budget is expected to be in deficit of 24.8 billion kuna ($3.6 billion/3.3 billion euro) equivalent to 6.8% of GDP this year, Maric said, adding that the deficit is projected to shrink to 2.4% of GDP in 2021.
Furthermore, the government debt-to-GDP ratio is expected to increase by 13.5 percentage points year-on-year to 86.7% at the end of 2020 as a result of higher borrowing needs arising from the coronavirus pandemic.
The debt-to-GDP ratio is expected to fall to 83.2% at the end of 2021.
Consumer prices are projected to drop by an annual 0.3% in 2020.
The number of unemployed is seen rising 3.3% this year, with the government's anti-crisis measures significantly softening the shocks on the labour market. The jobless rate will reach 9.5% in 2020, before falling to 9.0% next year.
The government's direct fiscal support to the economy in the context of the crisis is estimated at 14.9 billion kuna, including the deferral and write-off of state taxes and dues, as well as state support for preserving jobs and the expenses for buying medical equipment and protective gear.
Another 15 billion kuna will be made available to the economy in the form of favourable credit lines by Croatian development bank HBOR and the state innovation and investment agency HAMAG-BICRO.
The International Monetary Fund (IMF) said earlier this month that it expects the Croatian economy to shrink by 9% this year as a result of the coronavirus pandemic, before expanding by 4.9% in 2021.
Also earlier this month, the World Bank said it sees the economy of the Adriatic country contracting 6.2% this year, before rebounding to 4.6% growth in 2021.
At the same time, Erste Group warned that a double-digit contraction of Croatia's gross domestic product in 2020 is not to be ruled out amidst the ongoing coronavirus crisis. Erste forecasts a drop of at least 7.5% this year, with downside risks, before a rise of 5.8% next year.
(1 euro = 7.57452 kuna)

https://seenews.com/news/croatias-gdp-to-fall-94-in-2020-due-to-coronavirus-govt-697163