Review article

ECONOMIC DISASTERS: CASE STUDY - CROATIA

Bruno Ćorić ; Sveučilište u Splitu Ekonomski fakultet CERGE-EI Foundation Teaching Fellow
Vladimir Šimić ; Sveučilište u Splitu, Ekonomski fakultet

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

Hrčak ID:

239594

URI

https://hrcak.srce.hr/239594

Publication date:

23.6.2020.

Article data in other languages: croatian

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