This teaches us the important lesson that reforms pay off. Furthermore, robust employment during the crisis was the dividend of greater flexibility in German wage agreements and was also supported by temporary government measures such as the shorttime working, which proved to be an attractive option.
According to Eurostat data and taking into account differences in prices, before the crisis Lithuania’s GDP per capita amounted to a meagre 60% of the EU average. Today, we have reached more than 80% of the Community’s average. Of course, GDP per capita is not a perfect indicator of well-being. Nonetheless, we cannot deny it – convergence is progressing.