IMF: LITHUANIA IS A MODEL OF SUCCESFUL ADJUSTMENT
Updated 2011-10-18
“We can see a great recovery in Lithuania‘s economy, determined highly not only by global financial environment, but by active actions of the government as well. The recovery of economy reflected both global upturn and strong political actions, including quite large fiscal consolidation, preservation of trust in bank systems, also significant adjustment in wages which brought a higher competitive ability,” James Morsink, head of an IMF monitoring mission to Lithuania, said after the meeting with Lithuanian Prime Minister Andrius Kubilius. He called Lithuania a "model of successful adjustment" in the face of the global economic crisis.
According to Morsink, the actions mentioned above helped Lithuania’s economy to grow by 6.25 percent of GDP in the first half of 2011. “However, the slowdown in Euro zone will not bypass Lithuania as well. It’s export, which is named as the major engine in economic increase of late years, will slowdown, so we forecast that next year the growth will reach 3.5 percent”, – the representative of IMF claimed.
"It's very important to take further measures that will preserve macroeconomic stability," Morsink said after meeting with Lithuanian Prime Minister.
The Lithuania Tribune, Invest Lithuania, www.investlithuania.lt
