Lithuania, Latvia and Estonia suffered heavily in the global economic crisis. However, they have been able to deal with their problems, and the sanctions imposed against Russia have not affected their economies too much – this is also visible in the Doing Business 2016 report.
"More than 400 professionals are leaving every day. In the last year 150,000 highly qualified citizens left the country in search of work." – writes The Telegraph, accusing the government of a lack of policies to stop the British from leaving the country. Meanwhile, politicians present the citizens as victims condemned to exile.
Although Poland and the other CEE countries have coped well with the current crisis, the pace of convergence is gradually slowing. The remedy can be found in “The Warsaw Consensus”- a complex growth model for the region, which can lead to a steady development.
Estonia, Latvia and Lithuania experienced the global financial crisis in a dramatic fashion, enduring the world’s worst recessions, followed by drastic austerity measures and then a return to growth – prompting some to see them as a model of ascetic virtue, while others berated them for hair-shirted overkill.
Over the last few years Latvia has become a poster boy for advocates of the benefits of harsh austerity policies, with fans of the Baltic nation pointing out that after slashing government spending in 2009, the country is now one of the EU’s strongest performers.