Although the European Commission’s short-term forecasts for the economies of the Baltic States of Lithuania, Latvia and Estonia are among the best EU wide, Sigitas Besagirskas, a prominent Lithuanian economist and President of Vilnius’ Industry and Business Association (VPVA), cautions that the trouble is lurking around the corner. “The economies are at their peak of the growth cycle. The trends in the Baltic real estate market do point to their inevitable descent. The only question is whether it will be soft or hard, as in 2008,” he told The Baltic Times.
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