Lithuania gained membership in the World Trade Organization and joined the EU in May 2004.
Despite its EU accession, Lithuania's trade with its Central and Eastern European neighbors, and Russia in particular, accounts for a significant share of total trade.
Foreign investment and business support have helped in the transition from the old command economy to a market economy.
Lithuania's economy grew on average 8% per year for the four years prior to 2008 driven by exports and domestic demand. Lithuania's GDP plunged nearly 15% in 2009.
The three former Soviet Baltic republics were among the hardest hit by the 2008-09 financial crisis. The government's efforts to attract foreign investment, to develop export markets, and to pursue broad economic reforms has been key to Lithuania's quick recovery from a deep recession, making Lithuania one of the fastest growing economies in the EU.
Lithuania is committed to meeting the Maastricht criteria to join the euro zone, which the government expects to achieve by 2015.
Under the Conservative Party's leadership, Lithuania raised the monthly minimum wage in 2012 nearly 25% over 2011. Despite government efforts, unemployment — at 13.2% in 2012 — remains high.