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According to the Department of Statistics, in the second quarter of 2020 (April – June), the country’s gross domestic product, excluding the influence of the season and the number of working days, was 5.1 percent. lower than in the first quarter (January-March).
“In such a pandemic situation, restrictions are apparently inevitable. This is likely to affect the economy and affect its growth. But how much is really difficult to assess,” V. Vasiliauskas told reporters on Friday.
According to the latest forecast from the Bank of Lithuania, the country’s GDP should decline by 2% throughout 2020. This forecast should be updated on December 15th.
“Apparently, nobody expected such pandemic figures, but I would predict that the impact should be less than in the first wave. However, we are more or less used to it, business has adapted,” said V. Vasiliauskas.
bank loan
The European Central Bank, meeting on Thursday, decided not to change interest rates and extended the scope of the pandemic emergency buyback program to 1.85 trillion euros and in 2022.
The long-term refinancing operations program (TLTRO) for banks has been extended until 2022. V. Vasiliauskas explained that the main idea of this package is related to securing financing conditions
“Still, the second wave and the ‘song’ know how many more there can be before we all get vaccinated. It would be good if banks didn’t stop making loans,” he said.
Greater deficit
V. Vasiliauskas also said that he agrees with the opinion of the representatives of the new Government that next year the state budget deficit will be higher than indicated in the first draft.
“It is not surprising that the deficit is larger. We indicated this to the outgoing government when commenting on next year’s budget,” he said.
As you know, Finance Minister Vilius Šapoka presented a project with 5% to Seimas. GDP, that is, around 4,110 million. euro deficit.
For his part, Finance Minister-designate Gintarė Skaistė said the general government deficit will be around 6.5 percent next year. GDP.
V. Vasiliauskas added that so far he has not had the opportunity to discuss the Government’s program and the public debt stabilization plans with G. Skaiste, so he cannot comment on them yet.
The Ministry of Finance forecasts that the public debt will reach 49.4 percent in 2022. GDP, and in 2023 – 50.3 percent. GDP.
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