LITHUANIA'S ECONOMY IN THE PRESENCE OF GLOBAL FINANCIAL CRISIS: GLOBALISATION AND COMPETITIVENESS ASPECT

As it was stressed in the latest report of European Commission on the issue of Economic crisis in Europe (2009) the depth and breath of the current global financial crisis is unprecedented in post-war economic history. Considering that statement (in order to prove or reject this hypothesis) the article analyses three main aspects. The first one, phenomenon of globalisation as the concept of management of international system as well as possible precondition (mostly negative) for a latest changes in the scope of world's economy. It was stressed that the imperfection in the economies of the most countries could be called as perfect storm which enforces scientists and practitioners to relook the limits and leverage of globalisation. The second aspect analysed in the article is the specificity of economic crisis from historical perspectives, where the lessons how to manage the deviations of the economy scope are conceptualised. The third aspect stressed in the article - considering theoretical statements the situation of Lithuania's economy state is evaluated analysing Maastricht Globalisation Index (MGI) as well as Global Competitiveness Index (GCI). The aim of practical investigation was to asses the expression of Lithuania's economy competitiveness in order to highlight the main weaknesses and advantages of Lithuania's economy. Theoretical considerations are supplemented by statistical data in order to emphasise Lithuania's economic position in the presence of global financial crisis. Economic consequences of Global Crisis on Lithuania's Economy were presented analysing the dynamics of main macroeconomic indicators. The article concludes the prognoses for the growth of Lithuania's economy. The hypothetical recipe for the recovery of Lithuania's economy was presented as well.