engleski

Croatian Emerging Market in Transition Environment, Navigating Crisis and Opportunities in Global Markets: Leadership, Strategy and Governance

It is said that instead of belief inspired by the fall of the Berlin Wall in November 1989 that the transformation to a market economy would be simple and short, transition showed to be complex and long with setbacks and crises along the way. It is also said that the disappointed hopes of some should not obscure view of achievements over past ten years, such as dominant market exchange of output mainly produced by the private sector, and democratic changes of government through free and fair elections in most of transition countries (EBRD, 1999: VI). However, best wishes and good hope would not change the simple fact that after almost 10 years of privatization and stabilization efforts all transition economies are still experiencing business recession which is “ too deep” and has lasted “ too long” . In terms of basic economic indicators only Poland, Czech Republic, Slovenia, Hungary and Slovakia have reached the level of indicators (GDP, employment, investments) of pre-transitional period. In such an environment Croatian economy performance followed mainstream transition path more successfully than the average transition economy. According to reliable sources such as EBRD (1999), Croatia GDP level in 2001 was 75-80% of the pre-transition level, which put it in upper echelon of transition column. Dimensions of the macroeconomic constraints become clearer if we also bear in mind that these economies suffered stagnation and even regression for an entire decade (1980-1989) before the transition.

transition; crisis; GDP; Croatia

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