Lithuania: Income growth to exceed inflation 3-4 times in 2024: minister

The growth of household income in Lithuania will exceed inflation by 3-4 times in 2024, Social Security and Labour Minister Monika Navickiene forecasts, BNS reports. The Social Security and Labour Ministry expects that household income will rise by an average 12% on year in 2024, while the Finance Ministry expects Lithuania’s average annual inflation to slow down to 2.8% in 2024. Meanwhile, Algirdas Bartkus, associate professor at Vilnius University, pointed out that the actual rise in household income would depend on the inflation rate. He said that Lithuania’s fundamental problem was the very small number of highly paid jobs. If Lithuania managed to attract new investors that would create well-paid jobs, the country’s economic problems would be largely solved, including those related to pensions, inequality, and poverty, Bartkus stated.