ZAGREB, 30 May (Hina) – Croatia is developing strongly, with growth among the highest in the EU, International Monetary Fund (IMF) Managing Director Kristalina Georgieva said at a conference organised by the Croatian National Bank (HNB) and the IMF.
The two-day conference, entitled “Growth and resilience in CESEE (Central, Eastern and Southeastern Europe) in a more fragmented world”, is taking place 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.
First, macroeconomic stability is an anchor in times of uncertainty. Second, these countries have huge potential to implement reforms that will boost their growth prospects. Ahead of the conference, we published a study showing that reforms across the region could lift GDP levels by 7% over the medium term, and by as much as 9% in the Western Balkans. So, get your house in order! Georgieva said.
As the third priority, she highlighted economic integration, which she described as key to the success of smaller, more open economies.
The importance of the European Union – both for its member states and for those aspiring to join – is a major source of strength. Over the past decade, progress in developing the single market has slowed, but we see huge potential for growth in the EU simply by completing this project. The countries of Central, Eastern and Southeastern Europe can be strong advocates for expanding the single market. That would be good for Europe and for the world, Georgieva said.
HNB Governor Boris Vučić noted that the conference is focusing 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 CESEE region.
It may be fitting that we’re holding this conference in Dubrovnik, which stands as a historical example of how a small economy – positioned between the great powers of the Ottoman Empire and Venice – managed to navigate a fragmented world for centuries by building good trade relations with all and ensuring 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 the small, open economies of Central, Eastern and Southeastern Europe. Our growth opportunity lies in openness and a system based on rules, standards and multilateral cooperation, Vučić said.
He quoted Jean Monnet as saying that Europe would be forged in crises, and would be the sum of the solutions adopted in those crises.
This crisis is opening up new perspectives for Europe. Capital is flowing into Europe because it has remained committed to the standards of democracy, the rule of law and multilateralism. These are the values we must continue to uphold, Vučić concluded.
The conference has brought together leading representatives of international institutions, central banks, governments, academia and the business sector. The programme includes roundtables and panel discussions on macroeconomic policy, the role of CESEE countries in the single market, the challenges of fragmentation, and the priorities of structural reform, as well as keynote addresses from high-ranking officials and accompanying social events.
