The ten anti-recession measures by the Croatian government actually do not present a coherent strategy, they are rather a set of measures and projects which we believe do not make much sense, Middleditch said.
He, however, positively assessed the government's plan to increase incentives to export-oriented businesses.
"Amid a worsening economic outlook and concerns over the size of the country's gross external financing requirement, we have downgraded Croatia's country risk rating by one quartile to DB3d, at the bottom of our 'Slight risk' range," D&B said in a report on Wednesday.
Croatia's real GDP contracted by 10 per cent quarter on quarter in the fourth quarter of 2008, while for 2008 as a whole the economy expanded by 2.4 per cent in real terms, compared with growth of 5.5 per cent in 2007, the report said.
D&B expects Croatian GDP to shrink by 3.7 per cent this year and to expand by a modest 0.8 per cent in 2010.