Prime Minister Andrius Kubilius: Government is doing its utmost to have
Lithuanian economy back on track


2009 11 17


On Friday, Prime Minister Andrius Kubilius attended a meeting with the members of the association American Chamber of Commerce and an overview of the Lithuanian economic and financial situation. The new U.S. Ambassador to Lithuania Anne Elizabeth Derse was present too.
    In his speech “Lithuania before, during and after the Recession”, the Prime Minister statistically grounded the reasons why the Baltic economies as some experts claim were hit the hardest, as well as for the effects of the global downturn in the world, where not only Lithuania and other Baltic countries, but also many EU economies went back to the 2006 level.
    The chapter Signs of Optimism in the Aftermath of the Recession presented the most recent Eurostat data, demonstrating Lithuania‘s 6 percent GDP growth (comparison of the second against third quarters) this year to be the highest in the European Union (followed by Slovakia with respective 1.6 percent GDP growth, while the average EU GDP growth in the same period was - 0.2 percent). The Prime Minister said that these figures confirmed his projections that the lean and open Lithuanian economy can recover quite quickly after the drastic downturn as it was. 
    The Prime Minister assured U.S. businessmen that the Government of Lithuania will continue its best efforts to manage the fiscal challenges, particularly the large public deficit and the persisting public debt. Prime Minister Kubilius briefed the members of the association on the Lithuanian government actions enabling 8 percent of GDP budget consolidation this calendar year, while having plans to reduce the budget deficit by another 5 percent of GDP the coming year. Furthermore, the Prime Minister showed figures demonstrating Government‘s achieved progress as regards the economic stimulus plan, and particularly the absorption of the EU structural support. In his address, Mr. Kubilius also pointed out the importance of the recently signed National Agreement, and expressed the belief that that such an intensive and open dialogue between the Government and the social partners lays the foundations for a new quality of political culture in Lithuania. .
    “You are the ambassadors of Lithuania in the business world, so I invite you to spread the message of the Lithuanian economy as being flexible and open to changes, as well as the strong political will of the Government not to remain complacent until the economy in its own turn gets back on track, but do the utmost to accelerate growth through adequate financial consolidation and stimulus measures,“ concluded his speech Prime Minister Kubilius.

Prime Minister's Power Point Presentation: Lithuania in Downturn: Before, During, After