Lithuania may find itself in economic turmoil, but it is also experiencing strong political unity in the face of the war in Ukraine, according to litigation Partner Justinas Jarusevičius.
“While the Lithuanian economy is dependent on export to foreign countries, losing the Russian and Belorussian markets didn’t impact us that much – we managed to diversify in time,” said J. Jarusevicius. “Still, at this moment, exports to the West are going down as well, which is presenting an economic challenge for our country. Everybody is hoping that a major economic crisis is not in the cards.”
With the economy being in a bit of a bind, there still are business sectors that are giving cause for hope. “The IT sector is very vibrant in Lithuania. We have two unicorns – Nord Security, a provider of digital security and privacy solutions, and clothing resale platform Vinted,” J. Jarusevicius says.
Shifting the focus to the geopolitical context, J. Jarusevicius reports that “all parties in the parliament are unified in their stance – of full support to Ukraine. This is of great importance, seeing as how Lithuania also needs to be perfectly prepared to defend itself should the war spread.”
The full article can be read in CEE Legal Matters.