The widening coronavirus outbreak will have implications for the Lithuanian economy, Finance Minister Vilius Sapoka said on Tuesday.
Finance minister: coronavirus to affect economy
© PA / Scanpix

"There will be implications for Lithuania in any case, because there are both direct effects through disrupted supply chains and indirect effects through falling demand," the minister told LRT Radio. "In other words, both manufacturing and international trade could be affected."

"When the virus outbreak had not yet spread outside China, the IMF forecast that there might be a negative impact in the first quarter, but now I think there is high uncertainty, given that the virus is moving and spreading further in Europe," Sapoka said.

"I think we must be vigilant and prudent and ready for any scenarios," he added.

According to the minister, Lithuania has enough financial reserves to deal with a coronavirus outbreak if the disease spread into the country.

"As to preparedness for an outbreak of this kind, Lithuania is ready. There are certainly enough reserves to buy protective equipment and medicines," he said.

The COVID-19 virus has already spread to 28 countries and is causing increasing concern due to new outbreaks in Europe, the Middle East and Asia. The coronavirus has been rapidly spreading in northern Italy lately.

It is prohibited to copy and republish the text of this publication without a written permission from UAB „BNS“.
|Populiariausi straipsniai ir video

Avia Solutions Group bought Bluebird Nordic

On the 24th of January 2020, Avia Solutions Group signed an agreement with BB Holding EHF for the...

GetJet Airlines set to lay off 370 employees

Lithuania's wet-lease and charter services provider GetJet Airlines has given lay-off notices to 370...

Avalanche of ideas developed in 'Hack the Crisis' hackathon

One of the most important tasks for hackathon organizers was to identify the most pressing issues,...

Lithuania and some other EU countries ask for Mobility Package postponement

Lithuania and "like-minded" EU member states are urging the bloc's bodies to postpone the...

Oro Navigacija sees further 50 pct drop in workload after Russia halts flights

The chief executive officer of Lithuania's state-owned air navigation service provider Oro...

Top news

Lithuania bans all passenger air and ferry travel from Saturday

The Lithuanian government on Wednesday imposed a ban, effective from Saturday, on all passenger air...

Coronavirus cases rise to 581 in Lithuania

On Wednesday, 1st April, there were 581 confirmed COVID-19 cases in Lithuania.

US organization expands its cooperation with Lithuanians in fight against Chinese disinformation

The Alliance for Securing Democracy , an independent organization operating in the United States ,...

Veryga: coronavirus situation in Belarus raises concern

The coronavirus situation in Belarus is raising concern, Lithuanian Health Minister Aurelijus Veryga...

Harsher penalties for flouting coronavirus quarantine rules (1)

The Lithuanian parliament on Tuesday imposed harsher penalties for those flouting coronavirus...

|Maža didelių žinių kaina