Flag description:
three equal horizontal bands of red (top), white, and blue - the Pan-Slav colors - superimposed by the Croatian coat of arms; the coat of arms consists of one main shield (a checkerboard of 13 red and 12 silver (white) fields) surmounted by five smaller shields that form a crown over the main shield; the five small shields represent five historic regions, they are (from left to right): Croatia, Dubrovnik, Dalmatia, Istria, and Slavonia
note: the Pan-Slav colors were inspired by the 19th-century flag of Russia
National anthem:
name: "Lijepa nasa domovino" (Our Beautiful Homeland)
lyrics/music: Antun MIHANOVIC/Josip RUNJANIN
note: adopted 1972; "Lijepa nasa domovino," whose lyrics were written in 1835, served as an unofficial anthem beginning in 1891
Economy ::Croatia
Economy - overview:
Once one of the wealthiest of the Yugoslav republics, Croatia's economy suffered badly during the 1991-95 war as output collapsed and the country missed the early waves of investment in Central and Eastern Europe that followed the fall of the Berlin Wall. Between 2000 and 2007, however, Croatia's economic fortunes began to improve slowly, with moderate but steady GDP growth between 4% and 6% led by a rebound in tourism and credit-driven consumer spending. Inflation over the same period has remained tame and the currency, the kuna, stable. Nevertheless, difficult problems still remain, including a stubbornly high unemployment rate, a growing trade deficit and uneven regional development. The state retains a large role in the economy, as privatization efforts often meet stiff public and political resistance. While macroeconomic stabilization has largely been achieved, structural reforms lag because of deep resistance on the part of the public and lack of strong support from politicians. The EU accession process should accelerate fiscal and structural reform. While long term growth prospects for the economy remain strong, Croatia will face significant pressure as a result of the global financial crisis. Croatia's high foreign debt, anemic export sector, strained state budget, and over-reliance on tourism revenue will result in higher risk to economic stability over the medium term.