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THE VOICE OF INTERNATIONAL LITHUANIA

22 October 2017
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Lithuanian economy on the way up. REALLY?



Sorry to disappoint!

What happened is only a blip on the screen:)Who cares about the blips:) Actually, they only mislead people!

I TOLD YOU SO LONG AGO!

But I hope for a miracle as everybody does, good luck to us:)

But seriously, contrary to Prof. Prof. Reinhart & Rogoff (both at Harvard, now they admit that their econometric model was wrong!), government deficit spending, pursued judiciously, remains the single most effective tool societies have to fight against mass unemployment caused by severe recessions (60% youth unemployed in Europe in 2013!).

Too deep austerity in the EU imposed horrible costs on the societies (esp. middle class) and will actually substantially increase the public debt of deep austerity countries (like LT) because, as a result of austerity, the output has dropped horrendously (some 22-25%) and now growing in some countries (e.g. LT) only very slowly, compared to similar development level countries (China, other Asia). 

The GDP will take more than a decade to return to the pre-austerity level (sic!).

I TOLD YOU SO LONG AGO!

Seeing that, young, entrepreneurial and productive people have been emigrating in droves, very big loss to LT!


Valdas Samonis, PhD, CPC
The Web Professor of Global Management(SM)

Category : Opinions



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