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The new tiger…
…of Baltic States, coming soon...
High growth rate, booming international trade, tame inflation, high employment rate, manageable budget deficit…Phew! Mystified by all these economic indicators, then look to east Europe, a small country- Lithuania. This quiet and latent economy slowly crawled towards development and astonishingly emerged as brightest of all the Baltic States.
After the market crash of 1998, this Baltic Tiger revamped its economic policy and embarked on a developmental drive. Privatisation on large scale was adopted. This was followed by an effective tax collection procedure clubbed with reduction in administrative spending, which not only benefited them in short run but also in long run. Lithuania doesn’t only have high average income but also had a GDP per capita of $15,300. Moreover, excellent modern and efficient infrastructure clubbed with high employment rate (96.3%) is attracting myriad foreign investors & businesses. This has not only resulted in capital inflows but also effectuated reverse migration. The capitalist free market principles had boosted growth, but relatively speaking, this may still seem insignificant. Then, wait until the seamless & complete transition to market economy. After all this tiger is catching up.
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