March 16, 2020 / 10:26 AM / in 14 days

Lithuanian sees recession in 2020 due to coronavirus

VILNIUS, March 16 (Reuters) - Lithuania’s central bank said on Monday it expected the economy to contract 1.2% this year due to the effects of the coronavirus, compared to a December forecast of growth of 2.3%.

“I would say this is an optimistic scenario,” central bank governor Vitas Vasiliauskas told reporters. “It all depends whether the recovery will be V-shaped, U-shaped or if it happens at all.”

The central bank said that Lithuanian lenders are well-capitalized and could meet capital adequacy requirements even in case of a much sharper economic downturn. (Reporting by Andrius Sytas; Editing by Simon Johnson)

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