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Economy Minister: Lithuania's post-crisis growth is real

Rimantas Žylius
Juliaus Kalinsko / 15min nuotr. / Rimantas Žylius
Šaltinis: BNS
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Lithuania's growth after the economic and financial crisis has been stable and not based on credit bubbles, says Economy Minister Rimantas Žylius.

"We are on the right path toward a consistent improvement in the well-being of the whole country. It (well-being) is not what we would want it to be today. But I believe that we have a very clear way toward earning more each year, selling more and achieving a sustainable development," he told the Žinių Radijas radio station on Thursday.

The minister said that the Lithuanian economy is now much more competitive than it was before the crisis.

"The 2008-2009 global crisis hit at the worst time. At that time, Lithuania was already in a crisis. A real estate bubble had been inflated. For almost three years, our growth had been based on loans, rather than on earnings and economic growth. Much of the growth was unreal. That bubble burst," he said.

The changing global economic structure is now favorable to Lithuania and the country's producers can now compete with companies from Asia, because demand has decreased and buyers want goods to be delivered in smaller batches and in shorter time periods, Žylius said.

BNS
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