Eurasia Press & News
CROATIAN President Stipe Mesic has called off official visits to Australia, New Zealand and Brazil this spring due to the economic crisis hitting the country’s budget, his office said.
“Due to the economic circumstances forcing us to make cuts in the public sector, the President of Croatia has decided to revise his foreign travel plans this year,” his office said.
Mr Mesic will reconsider trips to these countries “depending on developments in the economic area”, it said.
State revenue could be 10 per cent lower than initial estimates by the Government, which forecast €17.3 billion ($34.13 billion) when it adopted the budget, according to analysts.
Facing recession, the Government is expected to revise its 2009 budget by the end of March, with €470 million ($927.2 million) in cuts announced so far.
Croatia has been badly hit by the global financial crisis after enjoying annual growth ranging between 4.3 per cent and 5.6 per cent in the past seven years. The Government forecasts a two per cent contraction for this year.
