Lithuania has already reached the bottom of the impact of Russia's economic downturn and has effectively withstood the biggest hit, says Lithuanian Finance Minister Rimantas Šadžius.
© AP/Scanpix

"My general impression from what I hear our experts say is that we have already gone through the sharpest blow of Russian problems. We have already suffered the biggest impact of that force, which allows us to say that Lithuania's economy in many cases has effectively withstood this hit," said Finance Minister Šadžius on the radio Žinių Radijas.

He says that businesses have been changing their directions, adjusting their production and reviewing their routes, which in many cases help solve many problems. Šadžius forecasts that further economic recession in Russia will not have such an enormous impact on Lithuania any more.

"However, it is clear that this crisis of our economic relations with the East is not a short-term issue. It will probably persist for a longer time, so we all must accept this fact and respectively alter our strategies and tactics. The fact is that we have already survived the biggest hardship due to our economic relations with Russia," the minister said.

It is forbidden to copy the text of this publication without a written permission from ELTA.
Leave a comment
or for anonymous commenting click here
By posting, you agree to terms
Read comments Read comments

Israeli cloud services integrator chooses Vilnius for European base

TeraSky, a leading Israeli cloud solutions integrator, has just announced the opening of its European...

The popular French fashion brand „Gémo“ enters the Baltic States: first store in Lithuania – in 2019

The popular French fashion brand „Gémo“ entered the Baltic States - the first regional store was...

International investors discover Šiauliai

In recent years, Lithuania has seen a large influx of foreign investors. Whereas Vilnius and Kaunas...

Hungary may consider buying gas from Lithuania - president

Hungarian President Janos Ader said on Tuesday that his country might consider buying liquefied gas...

New global sales trends have not bypassed Lithuania: “” has announced two-week sale festival

Traditionally, November is a very busy month for global trade sector as everybody looks forward to new...