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The bank points out that various conflicting factors are influencing global growth at the moment. The low price of oil and record low interest rates are a positive stimulus for the Baltics and many other countries. On the other hand, geo-political factors, Russia's recession and a complicated economic situation in some eurozone countries are a cause for concern for some, however, economic growth in the Baltics will continue and will remain amongst the fastest in the EU, the bank points out.

The bank's economic analysts project that Lithuania will see 2.6% growth this year, Latvia – 2.4%, and Estonia – 2.2%. SEB bank also points out that finding new markets for exports will remain a serious challenge for the Baltics, which means that they will most likely post weaker export and financial figures this year.

SEB banka points out that the Russia-Ukraine conflict has had a serious impact on the Baltics, which traditionally have close trade ties with Russia.

''Of course this conflict, as well as Russia's economic recession, are a cause for concern for the whole world, however, the effects of the sanctions are felt most in the Baltics and Finland. It is likely the global situation will remain tense also in the near future, that is why it is important for Latvia, Lithuania and Estonian businesses to continue actively searching for alternative markets and develop their activities in new direction,'' the SEB group chief economic expert Robert Bergqvist believes.

He added that the region's growth is being hampered by debt burdens some countries have, problems in the banking sector, as well as Russia's economic recession. ''However, growth in the eurozone, low oil prices, the recovery of the global economy, and the weak euro will serve as a positive impulse for the eurozone's economy,'' Bergqvist admitted.