Way out of crisis

Milanovic expects economic recovery in autumn

03.09.2012 u 21:32

Bionic
Reading

Prime Minister Zoran Milanovic said on Monday he expected the Croatian economy to recover in the third quarter of the year as a result of the tourist season and favourable economic trends.

"In the next quarter the result will probably be slightly better because of the tourist season and favourable trends. We are doing the best we can and we expect a little patience," Milanovic said in an interview with Croatian Radio.

He added that his optimism was based on the government's enthusiasm and work as well as on the comparative advantages of Croatia and the resources that have not been fully exploited so far.

"Next year any growth would be a success," the PM said, stressing that he did not expect a downgrade of Croatia's credit rating because of the 2.1% decline of GDP in the second quarter. He said his government was doing its best to preserve the country's credit rating, but warned that "there is a risk for Croatia, just as there is for other countries."

Milanovic said that for now there was no need to revise the budget.

The PM said he did not expect Slovenia to obstruct the ratification of Croatia's EU accession treaty because of the Ljubljanska Banka issue. "We met all our commitments, either written or spoken, by signing the accession treaty, which clearly specifies the conditions. I am sure Slovenia will not come up with new conditions that are not part of the negotiating package. Slovenia is a civilised country, why would I expect it from them?" Milanovic said.