The 26th Dubrovnik International Economic Conference, organized by the Croatian National Bank, opened on Sunday.
The conference gathered renowned domestic and international economists and representatives of financial institutions to discuss the modalities of recovery of economic life amid the coronavirus crisis.
Governor Boris Vujčić said central banks have played a major role during the economic crisis caused by the coronavirus pandemic by assuring liquidity and maintaining the functionality of the banking system.
"We must also have firm political policies that will help improve productivity in the long run," said Vujčić.
The governor commented on the impact of the weeks-long lockdown earlier this year and the toll it took on the national economy.
"I think the way in which we shut down the economy during the crisis was very expensive. The amount of debt incurred during this short time will take several years to recover from. That is why we have given up on that model," he said.
"What we are seeing at the moment is that we will have strong GDP growth next year, as a result of a sharp drop from this year. But a return to the economic standards that we saw in 2019 cannot in any way be expected next year but rather in 2022," he concluded.
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