March 17, 2020 / 11:06 AM / 21 days ago

Lithuania slashes outlook due to the coronavirus, see 2020 recession

VILNIUS, March 17 (Reuters) - The Lithuanian government said on Tuesday it now expected the Baltic country’s economy to contract this year due to the effects of the coronavirus outbreak.

The finance ministry said in a statement it saw the economy contracting between 1.3% and 2.8%. Its latest forecast, from September, was for growth of 2.4%.

“It all depends on how long the virus spreads and what measures are taken to cushion the shock to the economy caused by disruptions in demand and supply”, Finance Minister Vilius Sapoka said.

On Monday Lithuania’s central bank predicted the economy would contract 1.2% this year, compared to a December forecast of growth of 2.3%. (Reporting by Andrius Sytas, editing by Anna Ringstrom)

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