October 2004
Emerging Europe Monitor: Russia, Ukraine & Baltics;Oct2004, Vol. 8 Issue 10, p8
Country Report
Country Report
This article presents information on political and economic conditions of Lithuania. President Valdas Adamkus's efforts to establish good neighbourly relations with Russia have suffered following a further exchange of diplomatic expulsions in late July and early August.Lithuania's current account deficit widened to 8.9% of GDP during Q104 from 3.8% a year earlier, largely thanks to increasing imports arising from surging domestic demand. The orientation of spending towards fixed capital accumulation should improve the capacity and productivity of businesses, raising economic growth in the medium term. Required improvements are identified in relation to tax administration, business registration, the legal framework and action against corruption. Entry to the EU brought with it the region's regulatory supervision and institutional practices, which augment Lithuania's already-lengthy list of investment-friendly credentials, including the lowest corporate tax rate of EU accession countries at 15%, good infrastructure and a highly educated labour force with competitive wages.


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