Assessment of Macroeconomic Situation and Economic Policy During the Crisis in the Baltic Countries

Abstract

The article deals with the economic situation and state economic policy in Lithuania before and during the crisis. The pre-crisis period, i.e. 2004-2007, was characterised by rapid growth of the economies of Lithuania and other Baltic countries, which was unprecedented in post-war Europe. The growth of Lithuania’s economy was interrupted by global economic and financial crises of 2008. Before and at the time of the crisis, the macroeconomic situation of Lithuania is analysed by using the statistical data of the Lithuanian Department of Statistics. It discusses the main factors that influenced the economic situation of the country and the means of governmental economic policy during the period under consideration. The article also presents the anti-crisis policy of the other Baltic countries. A comparative analysis of the macroeconomic situation in the Baltic countries is performed. The analysis showed that economic processes were similar without essential differences in all Baltic countries, with the exception of the spheres of public finances, where Estonia had an obvious advantage, compared to Lithuania and Latvia.