PM sees no grounds for new economic crisis

Saulius Skvernelis

Lithuanian Prime Minister Saulius Skvernelis says he sees no grounds for a new economic crisis to emerge, but adds that the government is accumulating a reserve to prepare for possible shocks.

"We shouldn't start to frighten ourselves and other people. This is very bad when it comes to the economy. (...) Today there are no grounds for talk of us facing a crisis," he told the Žinių Radijas radio station on Thursday.

The prime minister said his government was building up a reserve to prepare for possible shocks better than its predecessors had prepared for the last crisis.

"The government is accumulating reserves (...). A downturn or a slowdown may come someday. The economy will definitely not keep growing at such a rate," Skvernelis said.

"We don't know what might happen in a month as far as the geopolitical situation is concerned. (There may be) a conflict, a tax war, a trade war or various local conflicts. The government is responsible. We must build up reserves so as not to find ourselves in a situation we were in during the last crisis, when we had nothing," he added.

Skvernelis expects a reserve of "over 1.5 billion euros to be accumulated through various funds" by the end of the year.

Source: BNS
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