Financial stability is in less abundance now than it was, the head of the largest lender in Estonia, Swedbank, says, while in adapting to the new norms after a period of getting used to growth, the economy will need to be more flexible. Olavi Lepp, Swedbank’s CEO, said that Estonians had become less well-off in…
Lithuanian Finance Minister Gintare Skaiste has called for the suspension of Russia’s membership in the World Bank, saying the country has violated its fundamental principles. She has also said the world should not give in to Russia’s “blackmail” over the looming global food crisis. Russia is trying to change the narrative and make the international…
A new EU directive sets out common rules for setting the minimum wage. This will be felt in Lithuania, where pay disparities remain high. Algis, who works as a plumber in the Panevezys Emergency Service, makes a few euros more than the minimum wage, which is currently 730 euros on paper or 550 after tax.…
According to data released by Statistics Estonia, in April, Estonia’s exports increased by 4% and imports by 31% YoY. Faster growth in imports contributed significantly to the increase of trade deficit, which reached EUR 542 million in April. In April, Estonia’s exports amounted to nearly EUR 1.6 billion and imports to EUR 2.1 billion at…
In its report published on June 8, the Organisation for Economic Cooperation and Development (OECD) predicted Latvia to experience the most rapid economic growth among Baltic States. OECD predicts Latvia’s GDP may increase by 3.5% this year. Next year Latvia’s economy is expected to grow by 1.6%. The coordinated consumer price index in Latvia, according…
British Ambassador to Ukraine Melinda Simmons has signed a $450-million guarantee out of a $1.5-billion loan from the World Bank to Ukraine. “The UK guaranteed $450 million of a $1.5-billion to Ukraine through a World Bank loan, to support vital public services. The British Ambassador to Ukraine Melinda Simmons signed the guarantee from Kyiv,” the…
In Kyiv region, more than a hundred enterprises were affected by Russian invasion. Forty-four of them were completely destroyed. Oleksiy Kuleba, the head of the Kyiv regional military administration, spoke of this on Telegram. “We are doing everything to restore business operations in the region as soon as possible. After all, both the well-being of…