ECONOMIC DISASTERS: CASE STUDY - CROATIA

Bruno Ćorić and Vladimir Simic ()
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Vladimir Simic: University of Split

Economic Thought and Practice, 2020, vol. 29, issue 1, 157-178

Abstract: The 2007-2008 global and financial crisis caused a recession in most countries worldwide. Unfortunately, the consequences of this crisis have been particularly grave in the Croatian economy. This paper analyses consequences of this crisis using the concept of economic disasters focusing on Croatia. Through comparative analysis, the paper established that with a cumulative decline of GDP of 12.46% Croatia went through an economic disaster lasting for six long years. Using the historical data the paper also explored the frequency of economic crises in Croatia from a historical perspective, analyzing the last 150 years. It was established that the frequency of economic disasters was twice as high as the one at the global level. These findings suggest that Croatia is very sensitive to large international crises and that it finds it very difficult to find an adequate economic response to these crises to avoid the disastrous effects on its economy.

Keywords: economic disasters; case study; Croatia (search for similar items in EconPapers)
JEL-codes: E01 E32 G01 (search for similar items in EconPapers)
Date: 2020
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