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
An aviation agreement has been signed today by the European Union and the Vietnamese authorities which will remove nationality restrictions in the bilateral air services agreements between EU Member States and Vietnam.
more »
The European Investment Bank marked the 50th anniversary of the Republic of Cyprus and its 30 years of activity in the country with a public ceremony celebrating the signature of a total of EUR 180 million for urban environment.
more »
In response to the financial crisis, the Commission has put forward legislative proposals to strengthen and expand existing tools for coordinating economic and fiscal policy in the EU.
more »
In the first meeting of the SME Finance Forum, possible means to improve the current situation of access to finance were discussed, such as the introduction of a grace period for firms in difficulties, the involvement of credit mediators and improved loan guarantees.
more »
The EU budget is no simple matter, but then no budget ever is.
more »
Parliament will be crucial in avoiding a “lowest common denominator” approach when helping to design the EU's new economic governance architecture, ECB president Jean-Claude Trichet told the Economic and Monetary Affairs Committee on Monday.
more »
With a multitude of language-related events taking place on or around 26 September, the main themes for this year's European Day of Languages are business and jobs.
more »
The EU disbursed today € 1.15 billion to Romania, the third instalment of a € 5 billion loan, which was agreed in May 2009 as part of a multilateral financial assistance package.
more »
The European Investment Bank has agreed to lend GBP250 million for the replacement, reinforcement and expansion of the gas distribution networks operated by Scotland Gas Networks and Southern Gas Networks.
more »
The bargaining positions of all players in the human food chain must be rebalanced, and fair competition enforced by law, to ensure fair returns to farmers and price transparency to consumers, says Parliament in a resolution voted on Tuesday.
more »