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Repositioning of the Sources of Economic Growth in Croatia and in Other Emerging European Economies

The aim of the paper is to estimate the impact of global financial crisis of 2008 on countries where the dominant components were private and government consumption as well as sizeable current account deficits, which is the structure that most emerging European economies (EEE) share, and to observe the resulting change in the GDP composition caused by the shock. For those countries the crisis meant a strong decrease in external and domestic demand coupled with uncertainties over financial stability as well as dramatic reduction in capital flows (sudden stop), which had formed an essential part of the growth model during the period of transition. Taking the expenditure approach, in this paper we treat the expansion and composition of output (GDP growth) using a sample of selected EEE countries in the period 2000-2009. Based on our findings we plan to provide recommendations with regard to the strategy of repositioning the sources of economic growth in EEE and ensuring sustainable growth dynamics in the region.

financial integration, growth, gross domestic product, financial stability, emerging markets

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