Croatia Can Be Among the Three Fastest Growing Economies in the EU in the Coming Years

The American Chamber of Commerce in Croatia (AmCham) organized a business breakfast on the topic of opportunities for the business community to utilize EU funds, where Zvonimir Savić, special advisor to the Prime Minister for economic issues, addressed business leaders stating that Croatia has approximately 6.3 billion euros in non-repayable funds available from the European Recovery and Resilience Mechanism over the next five years.

– This places us at the very top among EU member states in terms of the amount of these non-repayable funds relative to GDP, at as much as 12%. The funds are largely directed straight into the economy, which will contribute to the growth of investments in the private sector and stimulate GDP movement. Therefore, it is expected that Croatia will be among the three fastest growing economies in the entire EU in the coming years – said Savić.

AmCham believes that Croatia should seize the opportunity presented by the Recovery and Resilience Mechanism and the Multiannual Financial Framework to mitigate the technological lag of the Croatian economy, the economic and social consequences of the pandemic, and to make the economy and society more sustainable, resilient, and prepared for the challenges and opportunities brought by the green and digital transition.

– The mentioned funds, of which a significant portion consists of non-repayable funds, represent a unique opportunity for growth and development so far, and should provide financial support for numerous reforms announced by the Government of the Republic of Croatia, including the economy, public administration and judiciary, healthcare, education, science and research, as well as the labor market and social protection. It is of utmost importance that in the situation of undeniable technical and operational challenges in planning, managing, and spending European funds, Croatian institutions are maximally efficient – concluded Andrea Doko Jelušić, Executive Director of AmCham.

For better utilization of funds, it would certainly be beneficial to announce upcoming tenders in advance so that the business community can prepare as well as possible, agreed the participants of the event.