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S&P Revises Croatia's Outlook to Positive

Ratings

Standard & Poor's on Friday affirmed Croatia's BBB+/A-2 ratings and revised the county's outlook to positive, forecasting that economic growth will be faster in Croatia than in most eurozone countries, supported by a dynamic tourism sector and resilient consumption, local portal N1 reported.

"Strong wage growth owing to a tight labor market has kept gross real wage growth in positive territory this year, boosting private consumption beyond our previous expectations. We now forecast real GDP growth at 2.5% for 2023, up from the 1.7% we anticipated in March," the rating agency said.

"Croatia's recent eurozone accession alongside its deepening European and international integration provide key policy anchors to strengthen the economy's resilience and growth potential," it added.

"Near-term risks to our forecasts would result from worsening consumer sentiment in continental Europe", the agency also said, adding net emigration trends an d an aging population also represent a long-term risk to Croatia's growth and public finances.

"We estimate that Croatia will have to attract about 200,000 (5% of its population) foreign workers to satisfy the needs of its labor market," the S&P said.

The Adriatic country joined the eurozone in January as its 20th member. 

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