Economy of Lithuania

Lithuania is a member of the European Union and the largest economy among the three Baltic states. Lithuania belongs to the group of very high human development countries.

Lithuania was the first country to declare independence from Soviet Union in 1990 and rapidly moved from centrally planned to a market economy, implementing numerous liberal reforms. It enjoyed high growth rates after joining the European Union along with the other Baltic states, leading to the notion of a Baltic Tiger.

GDP growth reached its peak in 2007, increasing by 11.1%, and still growing slightly in 2008. Similar to the other Baltic States, the Lithuanian economy suffered a deep recession in 2009, with GDP falling by almost 15%. GDP growth has resumed in 2010, albeit at a slower pace than before the crisis.

GDP per capita in Lithuania is 70% above the world's average of $10,500. Lithuania is ranked 24th in the world in the Ease of Doing Business Index prepared by the World Bank Group and 15th out of 178 countries in the Index of Economic Freedom, measured by The Heritage Foundation.

Economy

An economy (Greek οίκος-household and νέμoμαι - manage) is an area of the production, distribution or trade, and consumption of goods and services by different agents in a given geographical location. The economic agents can be individuals, businesses, organizations, or governments. Transactions occur when two parties agree to the value or price of the transacted good or service, commonly expressed in a certain currency.

Economic activity is spurred by production which uses natural resources, labor, and capital. It has changed over time due to technology (automation, accelerator of process, reduction of cost functions), innovation (new products, services, processes, new markets, expands markets, diversification of markets, niche markets, increases revenue functions) such as that which produces intellectual property and changes in industrial relations (child labor being replaced with universal access to education).

A given economy is the result of a set of processes that involves its culture, values, education, technological evolution, history, social organization, political structure and legal systems, as well as its geography, natural resource endowment, and ecology, as main factors. These factors give context, content, and set the conditions and parameters in which an economy functions.

Minister of Economy (Serbia)

Minister of Economy (Serbian: Министар привреде / Ministar privrede) is the person in charge of the Ministry of Economy of Serbia. Željko Sertić is the current Minister of Economy, since 3 September 2014.

List of ministers

References

External links

Ministry of Economy (Poland)

Ministry of Economy of the Republic of Poland (Polish: Ministerstwo Gospodarki) is a ministry dealing with economy of Republic of Poland.

Created in 1997 from reforms and mergers of other ministries, it has gone through several name changes and has recently been downsized, with issues related to work being split to Ministry of Labour and Social Policy and regional issues split to Ministry of Regional Development. In 2007 the bureau of tourism was moved to Ministry of Sport.

The current minister is Janusz Piechociński.

List of ministers

Ministers for Economy (1997–2003)

Ministers for Economy, Labour and Social Policy (2003–2004)

Ministers for Economy and Labour (2004–2005)

Ministers for Economy (2005–present)

External links

Media related to Ministry of Economic Affairs, Poland at Wikimedia Commons

Ministry of Economy (Lithuania)

The Ministry of Economy of the Republic of Lithuania (Lithuanian: Lietuvos Respublikos ūkio ministerija) is a government department of the Republic of Lithuania. Its operations are authorized by the Constitution of the Republic of Lithuania, decrees issued by the president and prime minister, and laws passed by the Seimas (Parliament). Its mission is to develop positive legal and economic environment for economic development and ensure public welfare and employment.

The Ministry of Economy is responsible for handling government business in the following areas: business environment, export, innovation, state-owned enterprises (SOEs), EU support to business, public procurement and tourism.

Minister

References

Lithuania

Coordinates: 55°N 24°E / 55°N 24°E / 55; 24

Lithuania (ⁱ/ˌlɪθjuːˈeɪniə/; Lithuanian: Lietuva [lʲɪɛtʊˈvɐ]), officially the Republic of Lithuania (Lithuanian: Lietuvos Respublika), is a country in Northern Europe. One of the three Baltic states, it is situated along the southeastern shore of the Baltic Sea, to the east of Sweden and Denmark. It is bordered by Latvia to the north, Belarus to the east and south, Poland to the south, and Kaliningrad Oblast (a Russian exclave) to the southwest. Lithuania has an estimated population of 2.9 million people as of 2015, and its capital and largest city is Vilnius. Lithuanians are a Baltic people. The official language, Lithuanian, along with Latvian, are the only two living languages in the Baltic branch of the Indo-European language family.

For centuries, the southeastern shores of the Baltic Sea were inhabited by various Baltic tribes. In the 1230s, the Lithuanian lands were united by Mindaugas, the King of Lithuania, and the first unified Lithuanian state, the Kingdom of Lithuania, was created on 6 July 1253. During the 14th century, the Grand Duchy of Lithuania was the largest country in Europe; present-day Lithuania, Belarus, Ukraine, and parts of Poland and Russia were the territories of the Grand Duchy. With the Lublin Union of 1569, Lithuania and Poland formed a voluntary two-state union, the Polish–Lithuanian Commonwealth. The Commonwealth lasted more than two centuries, until neighboring countries systematically dismantled it from 1772–95, with the Russian Empire annexing most of Lithuania's territory.

Lithuania (disambiguation)

Lithuania is a country in Europe.

Lithuania can also refer to: