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International Monetary Fund. European Dept.

On May 13, 2016, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation 1 with the Republic of Lithuania. Economic growth suffered a temporary setback from a difficult external environment last year. Private consumption and investment expanded strongly, but exports were stagnant, reflecting sluggish demand from trading partners, particularly Russia. GDP grew by only 1.6 percent, compared to an average of 3.5 percent per year during 2012–14. Wages rose strongly in a tightening labor market, but inflation was

International Monetary Fund. European Dept.

allowance, although a recent constitutional court ruling to make social security more insurance-based complicated matters. They saw the economic merits of streamlined bankruptcy procedures and more liberal rules for immigration from non-EU countries, but both issues were politically and socially sensitive. B. Securing Continued Competitiveness in a Tightening Labor Market 19. Price competitiveness remains intact for now, but will come under pressure on current wage and productivity trends . Because of fast wage growth and modest productivity gains in recent years