Inflation is set to continue to ease in 2024, from 8.8% this year to 2.8%, the ministry said. The unemployment rate is expected to remain stable at 6.6%, while wage growth should be fast enough to exceed 7.5%.

“In 2024, people’s purchasing power will improve, which will boost domestic consumption,” Finance Minister Gintarė Skaistė said in a statement.

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The Finance Ministry’s economic scenario forecasts that Lithuania’s gross domestic product (GDP) will shrink by 0.4% this year. It should grow annually by 2.9% in both 2025 and 2026.