Lithuania’s economy continues to demonstrate resilience in the face of challenges. The updated economic development scenario of the Ministry of Finance foresees that economic growth of the country will remain positive this year and will reach 0.5 %. In 2023, the average annual inflation is expected to be lower than projected and to reach 8.5 %.

Lithuania’s Ministry of the Economy and Innovation has initiated a 13-million EUR public tender to attract an internationally-acclaimed startup accelerator to the country. This move aims to better harness the potential of the Lithuanian startup ecosystem.

On Wednesday, the Government approved the plan for the preparation of draft financial indicators for the 2024 State budget and municipal budgets. It provides for that this year, the institutions will be consulted earlier on the needs for the functions and activities carried out, thus giving them clarity on financing. Meanwhile, the negotiations on the financing of additional measures are postponed until September, when the latest forecasts of the Lithuanian economy will be available.

MEPs want to address the current cost of living crisis with a new law to modernise and strengthen national minimum income schemes in EU countries.

The European Commission (EC) submitted an assessment of the first payment request under the plan “New Generation Lithuania”. Indicator 31 consisting of planned reforms and investments was approved. Lithuania will receive over half a billion euros in subsidies for these achievements.

Minister of Transport and Communications Marius Skuodis is travelling to Geneva (Switzerland) on Tuesday to attend the World Economic Forum’s Industry Strategy Meeting on 15–16 March to discuss global solutions promoting industrial and transport cooperation, and sustainable development.

LOT Polish Airlines will add four additional weekly scheduled flights between Vilnius and Warsaw from 28 March, following the current 28 weekly flights between the two capitals. Tickets for the existing and additional flights are already on sale on the airline's official website.

The Ministry of Finance and the Bank of Lithuania prepared the draft law aimed to channel part of unexpected banks’ profits to finance military mobility and military transport infrastructure projects. The initiative proposes to set impermanently the rate of 60 % for the temporary solidarity contribution on net interest income of banks and credit institutions, which is above more than 50 % increase of the average net interest income in 4 normal financial years. Following the proposed draft law, the temporary solidarity contribution would be paid for 2023 and 2024.

The Minister of the Economy and Innovation, Aušrinė Armonaitė, is currently visiting Italy with a Lithuanian business delegation. The aim of the business mission, which consists of more than twenty business representatives, is to strengthen cooperation in the field of life sciences.

Last year, according to preliminary data, cargo transportation in the Lithuanian transport sector decreased by about 17%, however, 48% more passengers were transported by various modes of transport, whereas, the number of passenger flow at airports has more than doubled. The effect of inflation and increasing demand for transportation services ensured the growth of services export (24%) and generated income (22%), which is stated in the Transport Sector Overview 2022 prepared by the Ministry of Transport and Communications.