NEW DEVELOPMENT CYCLE IS NECESSARY FOR CROATIAN ECONOMY - VESELICA

VESELICA $ OPATIJA, Nov 21 (Hina) - The first stage of the program of stabilization, that is, the stabilization of prices and rate of exchange in Croatia, has ended, but the future economic development cannot be based solely on that, president of the Croatian Economists' Society, Vladimir Veselica said in his address at a two-day conference of Croatian business people in Opatija on Thursday. The conference entitled "Croatian Economy Policy, What and How in 1997" was organized by the Croatian Economists' Society (HDE). It was necessary to urgently initiate investments and a new development cycle, Veselica added. The rate of unemployment in Croatia which amounted to 18 percent, was the highest rate registered in countries in transition, and Croatia's resources were not being used sufficiently, Veselica said, adding that in order to initiate a new investment round, it was necessary to alleviate tax pressure. A representative of the Croatian Chamber of Commerce, Branimir Lokin, said that economic growth had not been achieved in Croatia because the current production amounted to only 57 percent of the level of production in 1990. The conference was also addressed by the director of the Money Transfers Bureau, Bogomil Cota. Croatian Privatization Minister Ivan Penic, Maritime Affairs Minister Zeljko Luzavec, director of the Croatian Agency for the promotion of foreign investments, Vanja Kalodjera and others are expected to attend Friday's conference on possible ways of development of the Croatian economy. (hina) lm jn 211411 MET nov 96