Croatia is developing strongly, its growth is among the highest in the EU, said the Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva at a conference organized by the Croatian National Bank (CNB) and the IMF, the HINA agency reported, quoted by BTA.
The two-day conference, titled “Growth and Sustainability in CEE (Central, Eastern and Southeastern Europe) in a More Fragmented World“, is being held in Dubrovnik.
Croatia is developing strongly, with growth among the highest in the EU, Georgieva said, outlining three key priorities for the countries of Central, Eastern and Southeastern Europe Europe.
“First, macroeconomic stability is an anchor in times of uncertainty. Second, these countries have enormous potential to implement reforms that will improve their growth prospects. Before the conference, we published a study showing that reforms in the region could raise GDP levels by 7% in the medium term and by as much as 9% in the Western Balkans. So, get your house in order!“, said Georgieva.
As a third priority, she highlighted economic integration, which she identified as key to the success of smaller, more open economies.
The importance of the European Union - both for its member states and for those seeking to join - is a major source of strength. Over the past decade, progress in developing the single market has slowed, but we see enormous potential for growth in the EU simply by completing this project. The countries of Central, Eastern and South-Eastern Europe can be strong advocates for the expansion of the single market. This would be good for Europe and for the world, Georgieva said.
Croatian National Bank Governor Boris Vučić noted that the conference focuses on the challenges posed by new geopolitical realities and a fragmented world, as well as the opportunities this presents for Europe and in particular for the Central, Eastern and South-Eastern European region.
“It is perhaps fitting that we are holding this conference in Dubrovnik, which is a historical example of how a small economy, located between the great powers of the Ottoman Empire and Venice, managed to navigate a fragmented world for centuries by building good trade relations with everyone and providing access to every market. It relied on high standards, the rule of law and openness. These are principles from the past that offer lessons for the present, and we must uphold them in Europe – especially in the small open economies of Central, Eastern and Southeastern Europe. Our opportunity for growth lies in openness and a system based on rules, standards and multilateral cooperation“, Vučić said.
He quoted Jean Monnet's words that Europe will be forged in crises and will be the sum of the decisions made in these crises.
This crisis opens up new perspectives for Europe. Capital is flowing into Europe because it has remained committed to the standards of democracy, rule of law and multilateralism. These are the values that we must continue to uphold, Vučić concluded.
The conference is attended by leading representatives of international institutions, central banks, governments, academia and the business sector. The program includes roundtables and panel discussions on macroeconomic policy, the role of Central, Eastern and Southeastern European countries in the single market, the challenges of fragmentation and structural reform priorities, as well as keynote addresses by high-ranking officials and accompanying social events.