Monday, 06 July 2020
Fitch reaffirms Croatia's long-term credit rating on 'BBB-' with a stable outlook Flickr

Fitch reaffirms Croatia's long-term credit rating on 'BBB-' with a stable outlook

By  Jun 06, 2020

"The stable outlook reflects confidence in the government that medium-term fiscal stability will be maintained while short-term measures are taken to recover the economy from the effects of the coronavirus epidemic, as well as the continuation of the gradual Euro changeover process," commented the rating agency Fitch.

Fitch forecasts a decline in GDP of 8.4 percent in 2020, which is more optimistic than the government’s estimate, which was 9.4 percent, primarily due to the negative effects of Covid-19 on tourism. The forecast is that Croatia’s tourism will fall by at least 50 percent.

"The specificity of the Croatian tourism industry (mainly based on private accommodation and accessibility by land transport) could still show some resilience at a time when European governments are easing travel restrictions," commented Fitch.

 

The Voice of Dubrovnik

THE VOICE OF DUBROVNIK


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