By World Bank
Throughout the 1990's whereas present process the method of country development, Croatia made major strides in inner most quarter improvement and privatization. even if, faced by way of the influence of warfare and the necessity for reconstruction, a pretty titanic deficit used to be collected. the hot govt put in in 2000, was once faced with the necessity to identify a extra sustainable economic coverage whereas faced via excessive unemployment and social spending.
This document includes a thorough research of the components severe to a more robust budgetary administration method together with expenditure reorientation and restructuring. It presents precise options to facilitate the efforts of the Croatian executive in lowering public spending whereas enhancing its effectiveness.
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Additional resources for Regaining fiscal sustainability and enhancing effectiveness in Croatia: a public expenditure and institutional review
8). 3 percent o f GDP by the end o f 2003. 5 percent o f GDP. 31 The program envisions a significant reduction in wages and salaries, and a rationalization o f the health and pension funds. These measures would need to be the cornerstone o f any sustainable fiscal adjustment. The remainder o f this report examines h o w Croatia can implement i t s program o f fundamental fiscal adjustment through a rationalization and restructuring o f expenditures and reengineering o f the process o f budgetary management, which will enable the Government to better reflect i t s strategic priorities in the budget.
Guarantees have been used as a mechanism for the rehabilitation o f entire sectors, such as shipbuilding, industry, tourism and agriculture. T h e l i m i t s set within the Budget for the issuance o f guarantees were l4These fiscal activities, however, have not been recorded above the line; therefore underestimating the true size o f Croatia's fiscal deficits. Chapter 1: The Strategic Setting 8 violated in nearly every year. 7 percent o f GDP in performance guarantees had been issued by the Government.
Falter as has been characteristic of other transition economies, which would put further pressure o n the fiscal deficit. ‘ ~ ~ In summary, the extremely large size o f the public sector in Croatia has had a deleterious effect on private sector activity. The enormous tax burden borne by the private sector has driven a substantial part of economic activity underground and reduced profitability in the formal sector. I t i s clear that private sector-led growth in Croatia has been hampered by a public sector that extracts too much from the economy while fails to allocate an adequate share o f these resources in support o f growth.