Estonia, Latvia and Lithuania, the so-called Baltic republics, have experienced one of the highest economic growth rates in the world over the last three decades. However, their road to prosperity was not exactly a leisurely stroll in the woods. The Baltic countries had to face one of the biggest bubbles and crises in the old continent in living memory.
A huge crisis that they faced in a completely different way than what we are used to. This is the story of the miracle, collapse and recovery of the so-called Baltic Tigers.
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Estonia, a country in Northern Europe, borders the Baltic Sea and Gulf of Finland. Including more than 1,500 islands, its diverse terrain spans rocky beaches, old-growth forest and many lakes. Formerly part of the Soviet Union, it’s dotted with castles, churches and hilltop fortresses. The capital, Tallinn, is known for its preserved Old Town, museums and the 314m-high Tallinn TV Tower, which has an observation deck.
Latvia is a country on the Baltic Sea between Lithuania and Estonia. Its landscape is marked by wide beaches as well as dense, sprawling forests. Latvia’s capital is Riga, home to notable wooden and art nouveau architecture, a vast Central Market and a medieval Old Town with St. Peter’s Church.
Lithuania, officially the Republic of Lithuania, is a country in the Baltic region of Europe. Lithuania is one of the Baltic states. Lithuania has an estimated population of 2.8 million people as of 2019. The capital and largest city is Vilnius and other major cities are Kaunas and Klaipėda. Lithuanians are Balts. The official language, Lithuanian, is one of only two living languages in the Baltic branch of the Indo-European language family, the other being Latvian.
On 11 March 1990, a year before the formal dissolution of the Soviet Union, Lithuania became the first Baltic state to proclaim its independence, resulting in the restoration of the independent State of Lithuania.
Lithuania is a developed country with an advanced, high-income economy. Lithuania is a member of the European Union, the Council of Europe, eurozone, Schengen Agreement, NATO and OECD. It is also a member of the Nordic Investment Bank, part of Nordic-Baltic cooperation of Northern European countries, and is classified as a Northern European country by the United Nations.