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Impact of accession to the European Union on Croatian economy

Croatia currently has the status of an accessing country to the European Union. This very fact indicates that, in the past few of years, many significant steps have been undertaken on the way to full membership. Some of the first tasks were overcoming international isolation and achieving more open communication with the neighbouring countries. On its further path, Croatia is obliged to implement the reforms and reconstructions defined by the European Union, as well as its standards and accession conditions. These conditions and standards will have a significant impact on Croatia. This paper provides analysis of one of the most important sectors in any country, economy. Conclusions on the impact of accession to the European Union on Croatian economy will be derived on the basis of conducted analyses. The paper will cover basic characteristics of the formation, enlargement and economic features of the European Union, Croatian position in relation to the European Union, and, finally, the expected impacts on Croatian economy which will reflect on economic parametres upon accession to the European Union. Taking into consideration great significance of export orientation for Croatia, the paper also covers the problem matter of foreign trade, bearing in mind the fact that the European Union is the most significant foreign trade partner of Croatia. At this point, the most important recession origin in Croatian economy is insufficient export growth. It is expected that this negative trend will change upon accession to the European Union and opening of borders. Access to production and trade flows of high- technology products, in co-operation with the most developed countries, ensures the possibility of long-term economic growth. This is a stimulating factor for conducting research on the impact of a country’s full accession to such a community form. Thus, special emphasis will be placed on important fields of Croatian economy, such as export, scientific- technological development and foreign investments, bearing in mind the objective and impartial processing of all the acquired information, as well as their reliability and accuracy. A critical conclusion will be derived from the analysis of the above-mentioned problem matter.

EU ; Croatia ; foreign trade ; foreign investments

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