Friday, February 15, 2008

The next Eastern European bubbles?

Slovakia is now the fastest-growing economy in EU, with an economic growth rate of 14.1%/year. And new car sales in Lithuania have increased by 55.2% compared to last year.

I don't know much about Slovak or Lithuanian economy, but both of those statistics look like Latvia in early 2007. One year later, the economic bubble in Latvia has burst and people are guessing how bad the after-effects will get... Are Slovakia and Lithuania developing similar economic bubble and what they will look like in 2009?


Lina said...

Concerning Lithuanian cars - it's a bit like in Ireland - the capability to consume signifies the capability to live. I spend therefore I live. On the other hand, I just came back from Lithuania yesterday after a week and I have to say that the amount of old (very old) cars is terrifyingly huge still.

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