THE BALKAN REGION has so far seen little in the way of negative effects from the credit crunch. Growth has remained strong. In Croatia, for example, real GDP growth reached nearly 6%, according to the IMF. This growth was largely the result of surging domestic demand. As income expectations rose in the wake of economic growth, so too did financial activity among consumers. In Serbia, where GDP growth was 7.5% last year, the average net income in 2007 was 19.5%
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