According to the latest analysis from the International Monetary Fund, Lithuania has moved from an emerging market into a mature economy.
Invest Lithuania also reported the country is now in the same economic category as Germany, the United States and Japan.
The IMF classifies a country’s economy based on its Gross Domestic Profit per capita, its export diversification, and its degree of integration into the global financial system.
The IMF expects Lithuana’s GDP to grow by 2.8 percent by the end of 2015, and 3.2 percent in 2016.
The IMF has also shown Eurozone GDP growth rates of 1.5 percent for 2015, and 1.6 percent next year.
Therefore, the IMF believes the figures indicate Lithuania is no longer in the category of emerging markets, which also include the BRIC countries - Brazil, Russia, India and China.
Lithuania also climbed to 28th (from 144 countries) in the World Competitiveness Rating, and is number 1 in the Central and Eastern Europe region.
The World Competitiveness Ranking is an annually published index that evaluated business conditions across the globe.
Lithuania received its highest scores in the areas of education and technology.