 Croatian economy was badly affected by the financial crisis which, together with slow progress of economic reforms, resulted in six years of recession and a cumulative decline in GDP of 12.5%.Croatia formally emerged from the recession in the 4th quarter of 2014, and had a continuous GDP growth since.Croatian economy reached pre 
crisis levels in 2019 but due to Coronavirus disease the economy is set to contract more than -9,0% during first and second quarter of 2020, however growth is set to pick up in third quarter of 2020.