The international monetary fund has signaled an economic crisis in the Baltics

Near the end of September, Latvia’s external debt amounted up to LVL 4.38 billion.

This was stated by LETA/  Its gross domestic product has reached the same level as it was in 2005. In Lithuania, the gross domestic product has reached the same level as it was in 2006, and in Estonia, the gross product has reached the same level as it did in 2007.

Baltic countries have tried to decrease their foreign debt. Their efforts have proved fruitful to some extent. Their foreign debt is steadily decreasing, but even with the constant decrease, the foreign debt is just too large.

This was stated by Mark Allen; the IMF central resident and representative for Central and Eastern Europe.

During his description of the economy that prevails in the Baltic’s, he stated that the percentage of exports was slightly increasing in Estonia, Lithuania and Latvia.

This helped to increase the economic condition of the region and its people. This situation is helping in increasing job employment opportunities and wages.

But on the other hand, the progress of global economic development is not adequate. The global trade is not sufficient to generate enough to battle the humongous external debt.

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