and challenges
to financial stability policy 7
Macroeconomic environment 9
Box...net interest margins
in Central and Eastern Europe 18
Government sector 21
...
5
Prices, exchange rates and financing conditions 5
Projected developments 5
Box...1 Tax reform in the USA and its potential macroeconomic
effects 8
...
1 Tourism in the time of pandemic 22
Box 2 Price competitiveness of Croatia’s tourism...33
8 Foreign capital flows 35
Projected developments 36
9 Monetary policy 37...
Croatian economy 12
2.1 Real developments 12
2.2 Labour market 13
2.3 Inflation 15
Box...1 Estimation of the impact of euro adoption on inflation 19
...
