🇱🇹 Lithuania

Lithuania is the largest and most populous Baltic state — 2.8 million people with a GDP of about $75 billion. The country has been one of the EU's fastest-growing economies, with GDP per capita more than tripling since EU accession in 2004. Lithuania made global headlines by opening a de facto embassy in Taiwan in 2021, infuriating China and triggering trade retaliation. Vilnius has one of the largest surviving medieval old towns in Europe (UNESCO-listed). The country has a thriving fintech sector — over 130 fintech companies, including Revolut's EU operations, are licensed here. Lithuania was once the largest country in Europe — the Grand Duchy of Lithuania in the 15th century stretched from the Baltic to the Black Sea.

Lasers (Lithuania produces about 10% of the world's scientific lasers), furniture, food products, and chemicals are the main exports. The fintech sector has grown rapidly, with Lithuania issuing more e-money licenses than any other EU country. Germany, Latvia, and Poland are the top trade partners. The country adopted the euro in 2015. Like its Baltic neighbors, emigration has been a major issue — about 20% of the population has left since 1990, though some are returning.

Lithuania's Hill of Crosses near Šiauliai has over 200,000 crosses — Soviet authorities bulldozed it three times, and each time Lithuanians rebuilt it overnight. The country has the world's fastest public WiFi. Lithuania's basketball team is a perennial medal contender at the Olympics and World Championships — basketball is essentially the national religion.

Lithuania's growth trajectory and fintech success are impressive, but the demographic decline and China trade tensions (from the Taiwan stance) are headwinds. The country's willingness to take geopolitical risks is unusual for its size.