2015-04-14
The International Monetary Fund assigned Lithuania to the group of advanced economies
In the latest World Economic Outlook, the International Monetary Fund (IMF) for the first time included Lithuania in the group of advanced economies. Until now the IMF had qualified our country as an emerging market economy.
“The recognition by one of the world’s most influential financial organisations is not only the assessment of the progress made by the country, but the obligation to seek sustainable economic development keeping financial discipline, thereby consistently approximating the domestic financial system, as well the entire economy to the level of the most advanced states in the world,” says Vitas Vasiliauskas, Chairman of the Board of the bank of Lithuania.
In the IMF’s World Economic Outlook (11.1 MB download icon), published on Tuesday, Lithuania, together with other euro area countries, has been assigned to the group of advanced economies. In the IMF’ World Economic Outlooks, countries members of the IMF, in terms of revenue per capita, export diversification and integration into the global financial system, are classified into advanced economies, emerging market economies and developing countries.
According to the IMF’s projections, Lithuania’s real GDP growth this year will be 2.8 per cent, in 2016 — 3.2 per cent; average annual inflation will be –0.3 per cent in 2015 and 2.0 per cent in 2016.
The IMF is an international financial organisation uniting 188 countries, the aim of which is to promote international cooperation in conducting monetary and exchange rate policy, enhance growth of the world economy, increase employment and provide temporary financial support in dealing with balance of payments issues faced by Member States. Lithuanian has been a member of the IMF since 1992.