The World Bank said on Wednesday, Dec 18 , it expects Croatia's economy to decline by 0.8% in 2013 and to rise by the same rate in 2014. Croatia was in recession in the first three quarters of the year and was strongly affected by the shrinking domestic demand, the World Bank said in its report for the economic growth in the EU11*. Fiscal adjustment in EU11 will resume in 2014, with domestic demand helping to rebuild revenue, but at a relatively gradual pace in order to support economic growth. However, there is a need for larger adjustments in Croatia to achieve sustainable deficit and debt levels. The IMF said in its report in October that it is projecting Croatia's GDP to decline by 0.6% in 2013 and to rise by 1.5% in 2014, while the EC sees the country's GDP shrinking 0.7% in 2013 and returning to 0.5% growth the next year. However, the Croatian government still expects 0.2% GDP growth in 2013 and plans a 1.3% increase in 2014. ?Croatia is in its fifth year of recession in 2013 after the economy contracted 2.0% in 2012. * Also including Bulgaria , the Czech Republic , Estonia , Latvia , Lithuania , Hungary , Poland , Romania , Slovenia, Slovakia.
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