aA
Lithuania must overhaul its education system and use more high-tech solutions to maintain economic growth in the future, Danske Bank's chief economist for the Baltic countries said on Thursday.
Rokas Grajauskas
Rokas Grajauskas
© Asmeninis archyvas

"Lithuania now relies mostly on lower value-added production, trade and transport, but the current model will not work for long," Rokas Grajauskas said at a news conference.

"As a small nation, we must concentrate our resources and clearly identify what will drive our economy in the future and consistently work in that direction. A quality education system has to be a key element of such transformation," he said.

The economist said that a modern education system would help increase the use of high technology by companies, which would accelerate economic and wage growth.

In his opinion, for Lithuania, it would be best to focus on information and communication technology, lasers and biotechnology.

In addition to an education reform, Lithuania must also improve its tax system and labor relations and the government should be always ready to support the developing sectors of the economy, Grajauskas said.

The government has approved a higher education reform package and submitted it to the parliament for consideration. The government is also considering various secondary education changes.

Christoph Klingen, head of the International Monetary Fund's mission that concluded its work in Lithuania earlier this week, said that the country had to reform its education system -- to merge institutions and create more flexible programs -- in order to catch up with Western Europe.

|Populiariausi straipsniai ir video

Coronavirus emergency may mean restrictions, release from obligations for firms

The Lithuanian government's decision to declare a state-level emergency due to the coronavirus...

Finance minister: coronavirus to affect economy

The widening coronavirus outbreak will have implications for the Lithuanian economy , Finance...

Lithuanian businesses might feel coronavirus effect in spring

The coronavirus outbreak in China is already affecting Lithuanian businesses as some companies...

Leader in gaming and VR platforms to undergo major expansion in Lithuania

Unity Technologies , creator of the world’s most widely used real-time development platform for...

German polymer specialist establishing microduct systems production unit in Klaipeda

REHAU , a family-owned polymer specialist with annual sales of around EUR 3.5 billion, is...

Top news

Health ministry expands list of risky territories over coronavirus

Lithuania's Health Ministry has put Hong Kong , Iran, South Korea and Singapore onto the list...

Coronavirus emergency may mean restrictions, release from obligations for firms

The Lithuanian government's decision to declare a state-level emergency due to the coronavirus...

Vilnius is 7th most accessible city in Europe

Vilnius came in 7th place beating many other European tourist hotspots.

Zalgiris: Friday's Euroleague match against Milan team to go ahead as planned

Friday's Euroleague match between Zalgiris Kaunas and AX Armani Milan in Lithuania's...

Installation of Chinese CCTV in Kaunas raises security concern

The installation of a CCTV system produced by Chinese company Hikvision in Lithuania's...

|Maža didelių žinių kaina