Economy Heat Index: No fever in the Baltics
- Solid but sustainable growth
- Despite long expansion excesses have been avoided
- For small extremely open economies it is crucial to avoid significant imbalances
The temperature of Baltic economies has not changed significantly over the past year. Economies were characterized by tight labour markets, balanced external accounts, sustainable credit expansion and moderate inflation. While small open economies are vulnerable to external shocks, the Baltics are currently very resilient, with chances of a 2009 scenario repeating being very slim. This year domestic demand is likely to be stronger than foreign demand and that could result in indices drifting slightly higher. Nevertheless, economies are unlikely to build up any significant imbalances in the near term.
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