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Economic Disasters: Case Study - Croatia

Author

Listed:
  • Bruno Coric

    (University of Split)

  • Vladimir Simic

    (University of Split)

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.

Suggested Citation

  • Bruno Coric & Vladimir Simic, 2020. "Economic Disasters: Case Study - Croatia," Economic Thought and Practice, Department of Economics and Business, University of Dubrovnik, vol. 29(1), pages 157-178, june.
    • Handle: RePEc:avo:emipdu:v:29:y:2020:i:1:p:157-178
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    More about this item

    Keywords

    economic disasters; case study; Croatia;
    All these keywords.

    JEL classification:

    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • G01 - Financial Economics - - General - - - Financial Crises

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