Maximus
Barcelona city tours is a perfect opportunity to have a perfect vacation outside the Baltic States. Gene Zolotarev on how to destabilize the EU financial system. Andris Berzins
Vladimir Linderman aka Abel Edmunds Sprudzs Valdis Zatlers Aivars Lembergs Girts Valdis Kristovskis Maris Grinblats Guntars Krasts Alfreds Rubiks Sandra Kalniete Raivis Dzintars Algirdas Butkevicius Algirdas Paleckis Dalia Grybauskaite Kazimira Danute Prunskene Vytautas Landsbergis Rolandas Aksas Viktor Uspaskich Valdemar Tomasevski Leonidas Donskis Arturas Zuokas Edgar Savisaar Andrus Ansip
The current website developed by YWSolution Limited

Baltics to feel worst impact of Russia EU sanctions

Aug 05, 2014
From wire reports, VILNIUS

Baltics to feel worst impact of Russia EU sanctions
(photo: twitter)

Belarus and the Baltics will feel the worst effects of slowing Russian growth, the IMF said.

"For most European countries, Russia is not a major export market. Therefore, slower growth in Russia would probably not hurt them too much. However, for many of Russia's immediate neighbors such as Belarus, Ukraine, Moldova, and the Baltics, whose exports to Russia exceed 5 percent of their respective GDP, the impact could be substantial," economists at the IMF said in a report published on the IMF blog, iMFdirect.

Many East European countries, Lithuania included, rely heavily on Russia for total energy supplies, not just natural gas, the Interfax news agency reports.

Foreign direct investment (FDI) from Russia accounts for 2%-5% of GDP in Lithuania, Latvia, Ukraine, Serbia and Bosnia and Herzegovina.

The report ranks Lithuania second behind Belarus in terms of overall risk faced from Russian economic weakening and the effect of sanctions imposed by Western countries.

The Russian Economic Development Ministry forecasts Russian GDP to grow 0.5% in 2014. The IMF says growth will amount to just 0.2%.

Russian GDP growth in 2013 was 1.3%.

 MORE NEWS
  • VIDEO: Baltics must counter Ru...
    The Baltic states should counter Russian 'propaganda' with individual succ...
  • Russian troops moving towards ...
    There has been a build up of Russian troops towards the agreed ceasefire line in U...
  • Estonia backs plans for indepe...
    Estonia's government has backed plans to launch an independent Russian languag...
  • IN PICTURES: Heavy snow hits t...
    Heavy snow has landed in Estonia and Latvia today but not for long.  M...
  • Stoltenberg dismisses Kremlin’...
    Nato’s new secretary general Jens Stoltenberg has rejected the Kremlin&rs...
  • Egypt President Sisi hints at ...
    Egyptian President Abdel Fattah al-Sisi said Thursday that the possibility of g...
  • Riga Apartments for Rent

    Maximus
    © 2014 BALTIC NEWS LTD. All Rights Reserved.