: Baltic Course: IMF forecasts fastest economic for Latvia among Baltic States in 2016

11:58 Apr. 13, 2016

Baltic Course: IMF forecasts fastest economic for Latvia among Baltic States in 2016

President of Latvia Raimonds Vejonis speaks during an interview with the Associated Press in the Latvian capital Riga, Aug. 25, 2015 (AP Photo)

According to the forecast, common economic growth in the euro area should reach 1.5% this year

Lithuania's economy will see faster growth in 2016 than in 2015, however, will fall behind Latvia in terms of increase of the gross domestic product (GPD), the International Monetary Fund said, forecasting the slowest economic growth for Estonia this year, informs LETA/BNS.

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After swelling by 1.6% last year, Lithuania's GDP should grow 2.7% this year and 3.1% in 2017. Meanwhile, the respective forecast for Latvia is 3.2% and 3.6% and for Estonia – 2.2% and 2.8%, reads the latest IMF forecast published on Tuesday.

Economic growth in the euro area, which Lithuania is a member of, should reach 1.5% this year and 1.6% in 2017.

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The average annual inflation should stand at 0.6% in Lithuania this year and at 1.9% next year, as compared to 0.5% and 1.5% in Latvia, respectively, and 2% and 2.9% in Estonia.

According to the IMF forecast, Lithuania's jobless rate should be at 8.6% this year and at 8.5% in 2017. Meanwhile, Latvia's respective unemployment numbers should be 9.5% and 9.1%, whereas the Estonian jobless rate should be at 6.5% in 2016 and next year.

Watch also Former U.S. Diplomat Paula Jon Dobriansky: 'For IMF further support, we have to prove it's not just one or two reforms, but a way forward'

The IMF ranks Estonia among advanced European economies. The economy of that group as a whole is seen to grow 1.6% this year and 1.8% in 2017. The GDP of all Eurozone countries taken together is estimated to grow 1.5% this year and 1.6% in 2017.

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