Lithuanian economy likely to shrink 7.3 this year: minister

Source: Xinhua| 2020-04-21 01:08:08|Editor: huaxia

VILNIUS, April 20 (Xinhua) -- Lithuania's gross domestic product (GDP) may shrink by 7.3 percent in 2020 if the coronavirus crisis is contained in the first half of this year, otherwise the downturn may reach a double-digit figure, the country's Minister of Finance, Vilius Sapoka, said here on Monday.

"Economic forecasts do not show anything good. Lithuania's GDP this year will depend not only on the situation of pandemic management in Lithuania and the measures that limit economic activity, but also on the economic situation in our export markets," Sapoka was quoted as saying by local news website Delfi.

According to the Ministry of Finance, statistics for the first months of this year show a slowdown of economic activity and deteriorating business and consumer expectations.

Deteriorating business sentiment may lead to the postponement of planned investments, while worsening consumer expectations will lead to more cautious consumer behavior and lower spending on non-essential needs, the ministry stated in its statement. Enditem