Lithuania has climbed five positions to the 36th place in this year‘s World Economic Forum Global Competitiveness Index. However, some of the biggest challenges for Lithuania in the future may be posed by ageing population and emigration.
Caroline Galvan, a member of the World Economic Forum Global Competitiveness and Risks Team, said that “more attention needs to be paid to infrastructure, institutions and innovations. State institutions should encourage productivity. Moreover, talents and competitive economy are also important, special attention needs to be given to motivation of talented people. Of course, it is also important to know what the country wants to achieve in the future, how to attract those talents.”
Nordea bank economist Žygimantas Mauricas said that “it is not enough for us to be somewhere in the middle, we need to be the best, like, for example, Ireland which is the best in the world in many aspects. Estonia is also on a good course, it is already presented to other countries as an example, as the best in the world. We also need to find our niche and be the best at least in some segments.”