The World Bank inched up its prediction for Croatia's GDP growth this year, warning that economies of Croatia, Bulgaria, and Romania are held back by lower exports and labour shortages.
Croatia's GDP is now expected to grow by 2.8 percent this in 2019, the World Bank said on Tuesday, slightly up from their most recent report in June when they put the projection at 2.7 percent.
The predicted growth projection for 2020 remained at 2.8 percent, and in 2021 Croatia's GDP growth is projected to slow down to 2.6 percent.
"Softening exports and labour shortages held back growth in Bulgaria, Croatia and Romania, while fiscal support and strong consumption enabled Poland to grow a faster 5 percent," the World Bank said.
As for the outlook of the global economy, the World Bank said that the growth would be somewhat stifled by slower international trade and manufacturing activity around the world, as well as elevated trade tensions.
Therefore it reduced global growth projections for 2019 and 2020 by 0.1 percentage points. The growth projection is now 2.9 percent for 2019 and 2.8 percent for 2020 and 2021.
"At the beginning of 2018 the global economy was firing on all cylinders, but it lost speed during the year, and the ride could get even bumpier in the year ahead," said World Bank's CEO Kristalina Georgieva.