Mudrinic said this while presenting a document on objectives and recommendations on how to exit the crisis and achieve economic growth, containing a methodology of gauging the results of reforms, which was compiled in cooperation with the Arhivanalitika consulting firm.

Prior to that he commented that over the past few days the private sector was being exposed to criticism over failure to halt unfavourable economic trends.

The HUP leader said today that he deemed the government's projections and economic guidelines worrisome because of the projection of a continued budget deficit.

Employers believe that the economy could grow at a rate of 4, 5, and 6 per cent but this requires a vision and strategy.

The HUP document recommends a turnabout in economic trends which requires reforms and improvements in 13 areas including competitiveness, fiscal consolidation, public administration and local government, taxes and tax relief and removing obstacles to investments.

In addition to these reforms, HUP considers that reforms are necessary in the education, health and pensions systems as well as in territorial organisation, the labour market, public companies and in access to capital.

HUP advocates improvements in the business climate through proactive policies to attract investments and the continuation of quality social dialogue.

HUP will monitor the government's activities and every six months publish indicators in a report which will indicate how much progress has been made in reforms.

Today HUP presented the report with results referring to fiscal consolidation, with a value of 34.6 on a scale of 20 - 80 points which means that there aren't any good results in this area.

Forecasts indicate that loans to be taken on the U.S. market, as announced by Finance Minister Slavko Linic, will not be favourable, said Zdenko Adrovic, a high-ranking official of the chamber.