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Tuesday 22.08.2017 | Name days: Rudīte, Everts
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Experts: Baltics to see economic growth

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The Baltic region can expect natural economic growth, consider experts at the conference Unicredit, indicating Latvia and Estonia have the best outlook in the region.

Growth will mainly be ensured by the development of export services, thus boosting the region’s competitiveness.

As for the Baltic and Latvian macroeconomic scenarios, the senior economist at UniCredit Group Fabio Mucci points out the Baltic economic situation has improved; therefore, all the Baltic States can expect growth this year, which could even exceed the Central and Eastern Europe’s average indicators. «This year economic growth of 3.9% awaits Latvia and Estonia, while Lithuania can expect a rise of 3.7%. In the long term, the Latvian economic growth is likely to remain around 3.8%,» F. Mucci predicts.

The professor of Stockholm School of Economics in Riga Vjačeslavs Dombrovskis indicates to the shadow economy’s influence on entrepreneurs’ motivation and difficulties in external financial resource attraction. The specialist underlines, «Traditionally, it is commonly thought the financing of national economy dropped due to the lack of offers. There is some truth in this; however, it is only half of the story, because during the crisis problems arose in demand».

The Chairman of UniCredit Bank Ralf Cymanek emphasizes it is important to realize the economy consists of both rises and falls and it is necessary to learn from the crisis, firmly striving to climb again. The businessman also agreed with other discussion participants that banks have the resources for business financing, which they are ready to invest in the economic development. «If a company has a clear investment plan, business model and proven strategy, there will be no obstacles in receiving a loan», Ralf Cymanek asserts.

The Chairman of UniCredit Leasing Board Jevgēnijs Belezjaks concludes it is essential that Latvia carries out structural reforms and promotes business to ensure its accession to the eurozone. Until then, lending renewal will be the key for the domestic development, as well as the activities of small enterprises, because these companies play a crucial role in the economic recovery.


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  1. Anonymous says:

    “The Baltic region can expect natural economic growth, consider experts at the conference Unicredit, indicating Latvia and Estonia have the best outlook in the region.”
    Yes, finally some growth expected, while various indicators are not that convincing at all.

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