In economic news, one of the largest financial institutions in Lithuania has provided a bright economic outlook in recent statements to the media. Gitanas Nauseda, adviser to the SEB Bank presidency, declared that there will not be any second wave of crisis in the country. The macroeconomic data handled by its banking consortium signals an economic upturn, rather than a downturn.

In Nauseda’s words, the heated political debates about doom scenarios and a crisis looming in the horizon does not stand up to objective scrutiny.

“If it’s raining, we say it’s raining. We are not discussing with someone standing next to us if it is or is not raining now. These discussions show that we can’t speak about a second wave of crisis in the present tense. We can speak about a future tense,” stated Nauseda whilst delivering SEB Bank’s latest macroeconomic report. The adviser also said that even though Lithuania’s major economic indicators were negative in the first half of 2009, all of them were positive during all quarters in 2012.

Annualized real GDP has increased by almost 15% in the first half of the year, as compared with a 14.8% contraction in 2009. Unemployment level have eased somewhat by almost 3%, as compared with almost 10% during 2009. Other indicators like the central government’s budget revenues have also increased this year by 8.2%. Nauseda feels confident about the fact that a second crisis will not occur in Lithuania, especially because there are no major downturns in neighboring markets.