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Lithuania needs to advance structural reforms: EU's Dombrovskis

Xinhua, March 3, 2017 Adjust font size:

The Lithuanian economy seems to be back on track, but without implementing major structural reforms, the country's progress might not be sufficient, European Commission Vice President Valdis Dombrovskis said here on Friday.

Dombrovskis, the Commission's vice-president for the euro and social dialogue, shared his views at a conference to encourage investment, sustainable growth and social welfare in Lithuania.

"Structural reform is not a one-size-fits-all formula; it demands a tailored approach to each EU member state and requires continuous attention," he said.

"This is never easy, but it is worth an effort," he added.

Dombrovskis noted that Lithuania's gross domestic product (GDP) growth had been around 2.0 percent for the past two years and was expected to increase to 2.9 percent in 2017 and 2.8 percent in 2018.

According to Dombrovskis, private consumption had been strong, but a decline in investments, due to a temporary slowdown of European Union (EU) funds absorption, had weighed on overall growth. High productivity growth in Lithuania had not been sustained, he added.

Income in Lithuania was one of the highest in the EU and needed special attention, Dombrovskis noted.

Lithuanian Prime Minister Saulius Skvernelis promised to take into account the European Commission's insights concerning the structural reforms and ensure consolidation of political will in order to implement the changes.

"Our goal is to become the most competitive country in the region," said Skvernelis.

He said his cabinet was ready for consultations with the business world and social partners, as well as to take into account recommendations by international organizations in order to accelerate Lithuania's progress.

Dombrovskis also met with Lithuania's President Dalia Grybauskaite on Friday. The meeting focused on the Commission's economic recommendations for Lithuania and their implementation, possible scenarios for the future of Europe, and preparation for Brexit negotiations, the presidency said in a statement.

Grybauskaite agreed that Lithuania needed to deliver structural reforms in the fields of labor, education, social security, and health care. According to the president, the recommendations issued by the Commission were very useful for turning economic performance into concrete results in Lithuania.

Last month, the European Commission published EU country reports analyzing the economic situation in member states. For Lithuania, a few areas were identified as needing improvements, such as tax collection, labor market and education system challenges, investment and productivity growth.

In May, the Commission will publish country-specific recommendations for each EU member state. Endit