Analytics, Economics, Lithuania

Andrius Kubilius.

In past December, the Ministry of Finance forecasted that the Lithuanian economy would contract by 4.8% in 2009.

In an interview to the Lithuanian Radio on Tuesday, the prime minister said that it would only be possible to comment on these figures after their official announcement. "The updated forecasts are marked by consistent pattern that Lithuania's economy is falling at a faster pace than expected," stated Kubilius and recalled that the neighboring Latvia forecasted that its GDP would drop by 15%, Estonia – by 9% and Germany – over 6%, writes ELTA.

According to the prime minister, Lithuanian faces a double crisis – the global one and the internal one, yet the Government is searching for "all possible means to ensure the stability and help the business sector to withstand the problems." The business recovery plan, which has already been started to be implemented, should also stimulate the business and help to retain jobs.