60927
Lithuania Economy Back on Track
Lithuania Economy Back on Track

Lithuania Economy Back on Track

Lithuania Economy Back on Track

The Lithuanian economy seems to be back on track, but without implementing major structural reforms, the country’s progress might not be sufficient, European Commission Vice President Valdis Dombrovskis has said.
Dombrovskis, the commission’s vice-president for the euro and social dialogue, shared his views at a conference to encourage investment, sustainable growth and social welfare in Lithuania, EU Bulletin reported.
“Structural reform is not a one-size-fits-all formula; it demands a tailored approach to each EU member state and requires continuous attention,” he said. “This is never easy, but it is worth an effort,” he added.
Dombrovskis noted that Lithuania’s gross domestic product growth had been around 2% for the past two years and was expected to increase to 2.9% in 2017 and 2.8% in 2018.
According to Dombrovskis, private consumption had been strong, but a decline in investments, due to a temporary slowdown of European Union funds absorption, had weighed on overall growth. High productivity growth in Lithuania had not been sustained, he added.
Income in Lithuania was one of the highest in the EU and needed special attention, Dombrovskis noted.
Lithuanian Prime Minister Saulius Skvernelis promised to take into account the European Commission’s insights concerning the structural reforms and ensure consolidation of political will in order to implement the changes. “Our goal is to become the most competitive country in the region,” said Skvernelis.
He said his cabinet was ready for consultations with the business world and social partners, as well as to take into account recommendations by international organizations in order to accelerate Lithuania’s progress.

 

Short URL : https://goo.gl/Wd0mBR
  1. https://goo.gl/yf33j0
  • https://goo.gl/HA6hUf
  • https://goo.gl/kOs2tJ
  • https://goo.gl/nq8KOp
  • https://goo.gl/bj8pd5

You can also read ...

Cyber threats are ever-evolving.
The White House released a report that found that the economic...
Global Investors Target Zimbabwe Energy Sector
Zimbabwe has become a magnet for billionaire global firms such...
BSP said the planned RRR cuts are part of the bank’s financial market reforms.
The Bangko Sentral ng Pilipinas said it was reducing banks’...
FAO regional representative Julio Berdegue (R), and the deputy regional representative Eve Crowley.
Identifying territories where rural poverty is most entrenched...
Asean Labor Flows Hit a Wall
Tighter restrictions on foreign labor in Malaysia and Thailand...
Lagarde Backs Creation of European Monetary Fund
International Monetary Fund chief Christine Lagarde has no...
The country’s GDP grew by 3.2% in 2017 but will  edge down in the coming years.
A report by the International Monetary Fund showed Sunday that...
Baby-boomers will start turning 75 or older in 2022, which is expected to trigger a surge in health care and nursing care costs.
Amid stalling inflation and ballooning government spending,...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus