Economy

An example of innovation is a standardized cargo container. Today, there are more than 20 million of these containers around the globe and we move practically everything in them. This innovation from the late sixties completely changed the world.

The Respect for Taxpayers Day becomes an official commemorative day in Lithuania to be celebrated on May 11. A recently adopted law is a result of a petition submitted by the Lithuanian Free Market Institute.

After three years of decline, illegal trade in alcohol is on the increase, shows a research by the Lithuanian Free Market Institute (LFMI). According to LFMI, this year the shadow economy occupied 24% of the spirits market in Lithuania, representing an increase by two-percentage points since 2015.

Bitcoin reached a new record height as its market price is now more than USD 7000. Despite the fact that hard times are awaiting Bitcoin in the following weeks, it is going to divide again. Technically speaking, the so-called \"hard fork\" phenomenon is about to happen.

It became clear that Ukraine has failed to receive the third and final tranche of the MFA III. Initially, the MFA III at EUR 1.8 bn was agreed in 2015 under a number of conditionalities that envisaged 22 measures in the areas of energy, public financial management, anticorruption policy, etc.

In October, the USAID Leadership in Economic Governance (LEV) Program held its final event. The project lasted for three years and made an important contribution to the policy of small and medium enterprises (SMEs) development in Ukraine.

Ukraine needs at the very least 5% annual GDP growth to catch up with neighboring countries in economic development. One option would be improved investment climate for higher FDI and domestic-sourced capital investment. Other options are limited given lack of fiscal space and aging capital assets.

Politicians should ask themselves if depriving citizens of their right to choose high quality reasonably priced services while putting private businesses at a competitive disadvantage is the path Lithuania should follow.

Lithuania has long been praised for its rankings in the categories of starting a business, registering property, and enforcing contracts, but it has also been criticized for a heavy administrative burden and red tape pervading the areas of dealing with construction permits, getting electricity, and paying taxes.

In the Czech Republic, we have gone through four decades of central planning of prices of practically everything. And the result? Either the price has been set too high and surpluses have been accumulated, or too low, and the television in the evening informed the audience about shortages of underwear and toilet paper.