According to Gitanas Nausėda, the advisor of the president of SEB Bank, 2015 wasn't a very special year for Lithuania, though, considering Lithuania's GDP growth, it would be wrong to call it a stagnant year as well.
Gitanas Nausėda
© DELFI / Šarūnas Mažeika

(Starting on 11 January, this article and others like it will only be available to Corporate subscribers)

“If we talk about, let's say, exports, the year really wasn't very good. That can be explained, because the year was a difficult and creaking period of export reorientation. We had to forget an old market, which many food product producers had latched onto for 10 years or so and had done quite well in. Any businessperson will tell you that this is easier said than done. Furthermore, they weren't very prepared for this. A difficult initial period has been completed. Now, competitiveness and ingenuity will help them establish themselves in other markets and rebuild what was lost in Russia. Perhaps not immediately, in terms of financial indicators, but in terms of scope and of jobs, I think that our industries did not suffer very much. We need to wait a bit until it starts to rise, and I think this will happen in 2016,” said Nausėda, a financial analyst.

According to him, every crisis brings some sort of advantage along with it, as it provides a certain sort of motivation.

“When everything's good, it's hard to find that motivation. This can be said for any field in life. Now, we are more independent, and have diversified our markets more. That's an investment into our long-term future. It doesn't matter if Russia's markets will ever open up again, because our export will meet that decision very different from the way it was in, say, 2013.”

Nausėda also had something to say about the introduction of the euro and the arguments about rising prices and services that this has brought. According to the analyst, economic theories indicate that demand should fall as prices rise. “If prices grow, as some say, by 3.5 times, demand should react to such a terrible jump in prices and contract. But when I see retail turnover with real instead of nominal prices, I see growth of the sort that we hadn't seen in the last few years, up until the introduction of the Euro. Prices have risen radically for certain product groups, especially for services, but prices for energy resources have fallen, like for petrol, and those savings lets people save a portion of their income and spend it on those higher prices elsewhere.”

Leave a comment
or for anonymous commenting click here
By posting, you agree to terms
Read comments Read comments

Proposals to charge employers with specifying wages in job adverts received negatively

The amendments to the Labour Code proposed by the “Farmers”, where employers would have to...

Proposals on air quality: maximum odour concentration in air to be reduced

In order to improve air quality and reduce discomfort for those residing near industry, manufacturing...

Capella Baltica increasing investment in Klaipėda FEZ

Capella Baltica, a Spanish cosmetics and food industry supplier, has increased the amount of its...

How blockchain technology will change the world trade?

The field of research of World Trade Organisation chief analyst Emmanuelle Ganne is the application of...

Welcome to Vilnius workshops to support foreign talent relocating to Lithuania’s capital

This Tuesday Vilnius’ business development and tourism agency Go Vilnius at the Workland Business...