A brief review of Lithuanian economic situation

Data
Vilnius
2007
CONTENTS
INTRODUCTION 3
External environment 3
The economy continues to grow steadily 4
Imports and exports 5
CONCLUSION 6
Literature 7
Vocabulary 8
INTRODUCTION
Lithuania was the first state to declare its independence from the Soviet Union in 1990. While the nation still maintains significant trade and economic links with Russia, it has successfully transitioned to a market economy – through rapid liberalization and a constitutional democracy. Despite the economic slowdown in the late 1990s, as a result of the Russian financial crisis, significant annual levels of growth have been the norm. Indeed, Lithuania joined the European Union in 2004 and now wields one of the fastest growing economies in Europe – earning the nickname “the new European economic tiger”.
Lithuania - Political Accomplishments
• May 2004 Membership in the European Union
• April 2004 Membership in NATO
• 2007 Membership in EMU
• 2005-2007 Membership in Schengen
External environment
Overall, the development of the global and regional economy remains rather favorable, even though global economic growth is decelerating, while the risk has increased. Demand on the Lithuanian export markets is rising, albeit not so rapidly as before. The price of borrowing in Lithuania has been largely affected by the decisions of the European Central Bank. Although the ECB went on to raise interest rates in recent years (this has contributed to rising interest rates in Lithuania), from a historic perspective, they remain still low. In addition, the turbulence on the financial markets led the ECB to halt the cycle of raising interest rates in September of this year. The price of commodities on the global market is a significant factor to Lithuania. In real terms oil prices are nearing an all time high. Large demand, especially in the rising markets of China and India, and fears of geopolitical risks, for example, a potential war in Iran, hold back a decline in oil prices. Besides, increasing...

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