While many members of the European Union struggle to recover from the global financial crisis of 2008 and the European debt crisis, the Baltic countries are making a strong comeback. The Baltic countries of Estonia, Latvia, and Lithuania have recently experienced real GDP growth well above the euro area average. While other countries like Greece, Italy, Spain, and Portugal continue to struggle in midst of European debt crisis, the Baltic countries are leading way to recovery. Lithuania and Latvia are predicted to remain the best performers in Europe, with GDP growth surging over 3 percent for both countries. Looking at the recovery path of the Baltic States, many business lessons can be learned from these countries.
globalEDGE Blog - By Tag: latvia
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Over the last 30 years, Russia has been the only gas supplier to the Baltic countries of Estonia, Latvia, and Lithuania. As the gas price and demand has dramatically increased in the Baltic States, the European Union (EU) is has made plans to subsidize a regional liquid natural gas (LNG) terminal in the Baltic States. These plans are designed to decrease the Baltic countries' energy dependence on Russia and to meet the continually increasing gas demand. However, two issues aroused along with the project: where to build the LNG terminal and how to ease the relationship with Russia.
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The Baltic countries are known as some of the most ambitious and educated countries in the world, and they also consist of some of the most liberal policies for trade and investment. Their drive for success has been a critical factor in their success after the financial crisis plagued the European Union. The Baltic countries were a hot spot for investment before the crisis, with all of their intelligence and FDI flowing in. Possessing all of these incredible characteristics and policies would allow one to assume that they would be a good match against a global financial crisis, but that person would be wrong.
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Recently, the European Commission traveled throughout the Baltic Countries, which include Lithuania, Latvia, and Estonia, to promote the European Union’s plan for Rail Baltica. This project plans to connect the three capitals of the Baltic countries with a high speed train and cut the travel time to about four hours. Despite the promotion by the EU, there are still many headwinds that this project faces.
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Today begins our blog series featuring the Baltic states. The Baltic states consist of Estonia, Latvia and Lithuania. With the Kunda culture of the region dating back to almost 8,000 BC, the region has a rich history and distinct culture. Beginning in the twelfth century the region was bounded together by Hanseatic League that included almost the entire Baltic region and northern Germany. The goal was for the cities to band together for mercantile purposes. This included a legal structure of its own that governed the cities as well as armies to protect the interests of the members.