Lithuania's Adamkus Expects 7% Economic Growth, Euro in 2007
Published:
11 December 2004 y., Saturday
Lithuania, the fastest-growing economy in Europe last year, will expand 7 percent a year through 2007, helped by 2.5 billion euros ($3.3 billion) of European Union aid and foreign investments, President Valdas Adamkus said.
``There are still huge untapped opportunities'' in the Lithuanian economy, Adamkus, a 78-year-old former U.S. citizen, said in an interview in London. ``For the next three years, we'll continue growing at 7 percent without doubt.''
The former Soviet Baltic state of 3.5 million people is one of 10 nations that joined the European Union in May. Its $18 billion economy expanded 9.7 percent last year. The rapid pace of growth and EU financial aid is helping Lithuania keep its budget deficit down, meeting a key requirement for euro adoption.
Adamkus said there were no obstacles to switching to the euro within three years together with Estonia and Slovenia. The three EU entrants on June 27 started a two-year test of currency stability and could get the currency as soon as 2006.
``We are ready to introduce euros in an orderly and safe way,'' said Adamkus. ``Lithuanians will have euros in 2007.''
Lithuania already meets terms to limit the budget deficit, state debt and interest rates, and is close to the current 2.5 percent inflation target. Annual inflation slowed to 3 percent in October from 3.3 percent a month earlier.
Šaltinis:
Bloomberg
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
According to the data presented by the Ministry of Finance, in end-January central government debt made up LTL26, 310.8 million or 28% of projected GDP for 2010 (LTL 93, 819 million).
more »
As far as countries affected by the economic crisis, China fared extremely well.
more »
The European Commission has authorised today a Slovak scheme with a budget of approximately €3.32 million which aims at supporting farmers in Slovakia who encounter difficulties as a result of the current economic crisis.
more »
Commission sets out a 10-year strategy for reviving the European economy, casting a vision of ‘smart, sustainable, inclusive' growth rooted in greater coordination of national and European policy.
more »
The European Commission has launched today the Europe 2020 Strategy to go out of the crisis and prepare EU economy for the next decade. The Commission identifies three key drivers for growth, to be implemented through concrete actions at EU and national levels.
more »
Launching of the “SCHOOLS’ initiative for innovation and changes” Grant scheme.
more »
EU Member States must not only deliver on their international aid pledges, but also bring in a financial transactions tax and a temporary debt moratorium, to help developing countries to cope with the effects of the global financial and economic crisis, said the Development Committee on Monday.
more »
The EBRD is increasing its commitments to promote sustainable energy projects in Slovakia with a new €90 million funding under the existing Slovakia Sustainable Energy Finance Facility (SLOVSEFF) to ensure continuous implementation of energy efficiency and small renewable energy projects.
more »
According to the unaudited data, in 2009 AB Bank SNORAS earned LTL 8.7 million profit. The bank’s assets grew by 11 per cent up to LTL 6.342 billion during 2009 and were by LTL 647.8 million larger than at the beginning of 2009.
more »
Aviation security measures that go beyond common EU requirements should be paid for by Member States, not by passengers, said Transport Committee MEPs in a vote on Monday that could put Parliament on a collision course with the Council of Ministers.
more »