THE EFFECT OF THE COVID-19 PANDEMIC ON THE CROATIAN ECONOMY

This article titled “The effect of the COVID-19 pandemic on the Croatian economy” deals with exceedingly current events triggered by the pandemic, which have reflected on the national and global economy. Based on the currently available data and the survey of 358 respondents (from both the private entrepreneurship sector and public administration), the effect of COVID-19 on the Croatian economy is observed through declining employment, the required recovery years, and declining GDP. The differences and similarities between this and the great global economic crisis of 2008/2009 as well as the opinion of entrepreneurs on which crisis has had more significant consequences for the economy were examined. A linear regression model predicts the declining employment in the recovery years. The entrepreneurs agree that the crisis caused by the COVID-19 pandemic is far more destructive and devastating to the economy, primarily because there is no end in sight even though the vaccine has been found. The unanimous agreement of the entrepreneurs is that, without further measures aimed at preserving the economy put in place by the Government, it will not be possible to suppress a further decline in employment and GDP, which will lead to a prolongation of the necessary recovery time for the Croatian economy. This research is the basis for further research on the effect of the COVID-19 pandemic on the Croatian economy.