Zdravko Maric: We Expect GDP Growth in 2021, But Less Than We Envisaged

Lauren Simmonds

September the 24th, 2020 – There have been many predictions about the state of Croatia’s GDP as a result of the ongoing coronavirus pandemic, with some expectations being worse than others. Finance Minister Zdravko Maric was a guest of the Croatian Radio show “A sada Vlada/And now the Government” recently, during which he spoke about the guidelines for the 2021 budget.

As Poslovni Dnevnik writes on the 23rd of September, 2020, Zdravko Maric said that a document on economic fiscal policy should be adopted at a Croatian Government session on Thursday.

“These will be updated macroeconomic projections for this year and for the next three years. As was the case in May when there was a rebalance, the circumstances are really difficult. In a situation when we don’t have a vaccine and it’s still difficult to predict that epidemiological-health part of things as well as some other things, we got the best possible quality,” said Zdravko Maric.

“For this year, our original projection regarding the fall in GDP will be somewhat improved. The drop should be smaller than we expected. We forecasted a decline of about -8 percent for 2020. For next year, we predict growth, but lower growth than we predicted, it will somewhere at the level of 5 percent,” explained Zdravko Maric.

We will exceed the level of GDP back in 2019 somewhere in the middle of 2023

Zdravko Maric said that one could hear from analysts predicting a recovery in the shape of the letter V. It represents a fall which is significant, followed by immediate recovery.

“It quickly became clear that it all depends on various situations because there are still negative risks for these projections, especially from the health and epidemiological point of view. We’ll exceed the level of GDP in 2019 in the middle of 2023,” he stated.

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