Experts assume that the downturn could hit Russia early next year, which would have major repercussions for Lithuania.
The haulers say that the well-being of the neighboring country depends on global crude prices and believe that it is better to pay more for fuel and be in work. The economists agree that a decline in fuel prices may be a bad sign for Lithuania.
Algimantas Kondrusevicius, president of the Lithuanian national road carriers’ association, Linava, told the news portal that the slowdown of Russia’s economy and domestic consumption raised big concerns since Russia accounted for a big chunk of Lithuania’s services market.
He guessed that Russia, if troubled, might switch to the economic policy that would be unfavorable for Lithuania. “I wouldn’t be surprised if Russia’s authorities stepped up efforts to protect the country’s manufacturers. Russia may protect local manufacturers, introduce restrictions for exporters form other countries and we are concerned about that.”
Gitanas Nauseda, an adviser to SEB Bankas president, believes that Lithuania’s manufacturers would find it extremely difficult to get a foothold in the West if they were to lose Russia’s market.