News:Argos:Croat President warns of persistently ailing economy

English's Primacy

Croatia is spending too much and producing too little, and expected membership of the European Union will not overhaul its economy without serious government efforts, President Stjepan Mesic said on Tuesday.

In a strong critique of Croatia's macroeconomic problems -- stagnant exports, high foreign debt and public expenditure -- Mesic, a reformist president nearing the end of his second mandate, said the economy had been going downhill almost since the country became independent in 1991.

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