Croatia could be EU member within 5 years
Croatia could be a member of the European Union (EU) within 5 years, a new report has forecast.
Austrian bank Raiffeisen Zentralbank Oesterreich (RZO) made the prediction, but on the proviso that Croatia steps up the rate of political reforms and economic growth.
According to the report, Croatia needs to make improvements to its judiciary, public administration and do more to eradicate corruption before it will be able to join the bloc, the Budapest Business Journal reports.
The country currently has the most developed economy in south-east Europe, with growth of 4.3% recorded in 2005 and estimated growth of 4.6% last year. If it meets the bank's targets necessary for EU entry by 2012, Croatia will have close to double its gross domestic product and will boast economic growth of 6.5%.
According to RZO's pessimistic scenario of Croatia maintaining its current rate of growth, the country can still expect to become an EU member within 10 years.
Croatia started EU entry talks in 2005 and RZO does not expect upcoming elections to have an impact on negotiations.
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