Lithuanian finance ministry estimates economy to shrink by at least 7.3%

The Lithuanian economy will shrink by 7.3% this year if the spread of coronavirus is contained by summer, and by even more if not, the country's Finance Ministry said on Monday.

This is a significant downgrade of its forecast on March 17, when it saw the economy contracting between 1.3% and 2.8% in 2020. Its earlier forecast, from September, was for growth of 2.4%.

On March 26, the country's central bank said the economy will shrink will by 11.4% this year if a lockdown due to the coronavirus outbreak lasts for two months or by 20.8% if it is extended to four months. (Reporting By Andrius Sytas; editing by Johan Ahlander)