Wednesday, November 17, 2010

Croatian lawmakers debate 2011 budget

"Croatian lawmakers on Tuesday debated the government's proposal for the 2011 budget, with the opposition claiming it will fail to get the country out of a two-year-long economic downturn.

Prime Minister Jadranka Kosor said the projected budget deficit in 2011 will be 4.3 percent of GDP.
She insisted that expenditure must be cut, although the government has sought to keep salaries, pensions and social benefits at current levels.

"It's the realistic budget for the times we live in," Kosor told the parliament.

Branko Grcic, an economist from the opposition Social Democrats, said the budget will not bring either an economic recovery or a fiscal consolidation.

Croatia's economy contracted by nearly 6 percent last year and the jobless rate grew to about 17 percent. The government expects 1.5 percent economic growth in 2011."
via Forbes.com /read more
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