High jobless rate

Published: 1 February 2000 y., Tuesday
Lithuania reported a 10% unemployment rate, its highest figure since independence in 1991. Unemployment in Latvia now stands at around 9%, and 5% in Estonia. Before the collapse of the Russian market, unemployment hovered around 6% in Lithuania and Latvia, and around 2% in Estonia. Unemployment in the countryside and in industrial areas is especially severe. In the rural Akmene district, in northern Lithuania, unemployment has hit 20%, compared to a 7% jobless rate in the Lithuanian capital, Vilnius. The pro-West, open-market Baltic states are considered the most economically advanced nations of the former Soviet Union. After implementing tough market reforms in the early _90s, they experienced strong growth until early 1998. But regional farmers and producers were hit hard later that year by the deepening economic crisis in neighboring Russia, which had been one of their main export markets. With falling orders, many industries laid off workers. Analysts say higher growth this year, spurred on partly by the successful reorientation of many exporters to new Western markets, should help bring jobless rates back down. Officials in all three Baltic states forecast that their economies will expand by at least 3-4 percent in 2000.
Šaltinis: Internet
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.

Facebook Comments

New comment


Captcha

Associated articles

The most popular articles

Commission approves Latvian support scheme for banks

The European Commission has approved under EC Treaty state aid rules a Latvian support scheme to stabilise financial markets by providing guarantees to eligible banks to ensure their access to financing. more »

China celebrates 30 years of reform

Gathering in Beijing, China's political elite gather to celebrate three decades of China's economic reform and market liberalisation. more »

Deals on climate and economy sealed in Brussels

After two days of intense negotiations, European leaders reached agreement on how to achieve the EU’s ambitious climate change goals and endorsed a €200bn plan to revive the flagging EU economy. more »

U.S. Senate blocks auto rescue

Detroit won't get its bailout, as the U.S. Senate blocked the measure to rescue America's big three car makers. more »

MEPs probe reasons behind world food crisis

The world is facing “an acute food crisis”. That was the verdict of a report adopted by MEPs in the Agriculture Committee on 8 December. more »

Commission proposes ways to deliver cheaper and more competitive food prices in Europe

The European Commission has agreed a Communication that aims to improve the functioning of the food supply chain in order to lower prices for consumers. more »

World Bank: 2009 will be grim

The World Bank's 2009 Global Economic Prospects report is projecting world growth will shrink to 0.9 percent next year. more »

Democrats submit auto loan plan

Prospects for a federal aid package to help the US auto industry advanced on Monday. more »

More regulation on the way in shadow of declining economy

A new report from Aite Group LLC explores possible regulatory and legislative responses to the current financial crisis, with particular attention paid to three key topics: consumer lending, risk management and deposit relationships. more »

Market, economic changes make this significant time for ATMs

A new report from Mercator Advisory Group's Retail Banking Practice focuses on the ATM and the multifaceted role it plays in the retail banking market. more »