IMF: Croatia needs reforms to improve weak macroeconomic outlook.

By bne IntelliNews November 16, 2010
The country needs far reaching and challenging reforms in order to improve its weak macroeconomic outlook in the medium term, a concluding statement by the International Monetary Fund (IMF) after the visit of its delegation to the country concluded. The IMF recommended that the country implements fast the structural reforms, which were envisaged in the government's economic recovery programme in order to boost its competitiveness and growth. It stressed that the country had made progress in respect to harmonisation of retirement age for women and men and private sector participation in the economy through streamlining business registration, reduction of non-tax revenues and judicial reforms to strengthen contract enforcement and bankruptcy procedures for companies. However, additional speedy reforms were needed in respect to sustainability of pension and health expenditures, improvement of efficiency of the public sector, enhancement of labour market flexibility and improvement of the fiscal policy framework.

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