Riga/Tallinn/Vilnius - Economists are predicting doom and gloom for the Baltic states throughout 2009 and beyond. with jobless figures rising in Estonia, Latvia and Lithuania and swingeing public spending cuts already starting to bite.
According to Neil Shearing, a Baltic expert with London-based Capital Economics, the recession in the Baltics looks set to deepen. "We now expect output to contract by 5 per cent next year and by up to 1.5 per cent in 2010," he said.
However, after surviving 50 years of Soviet occupation, which they only threw off in 1991, Balts have a longstanding reputation for stoicism in difficult circumstances.