Prime Minister – Lithuania’s economy has seen the worst time already

Posted by editor on 8/25/09 • Categorized as Business, Economy Watch • Print This Post •

The latest statistical data indicates that the Lithuanian economy has stopped contracting, Prime Minister Andrius Kubilius said on 25 August to the public radio. “Possibly (Lithuania’s economy) has been through its worst times already. Many statistical indicators demonstrate that the fall we saw in our economy at the end of last year and in the first months of this year has already stopped,” he said in an interview with Lithuanian Radio.

Mr Kubilius baked his statement by saying that the latest industrial production indexes and confidence indexes from the Statistics Department were among those indicators.

“These processes need to be looked at with open eyes. There are no reasons to celebrate, but we cannot say that nothing positive is happening,” he said.

Nevertheless, the Prime Minister warned that it was essential not to fall prey to the illusion that “all problems are in the past. It is certain that the economy will decline to level of year 2005 or possibly to 2006 and it is not on the road to recovery yet, it will not return to the 2008 levels for a long time. That means that we must learn fast how to live in accordance to means.”