The world economic depression in the 1930s hit the Baltic States hard, but Latvian and Estonian economies much more than Lithuanian, because “Great Britain’s decision to abandon the gold standard in 1931 had a sharply negative effect on the Latvian and Estonian currencies and on the value of exports.” So as a result, the level of unemployment was raised, states revenues dropped and farmer debts grew.
Conclusion
Although during the war, Russians destroyed and dismantled a big part of Baltic region’s industry, the states managed to have an industrial growth by themselves, even Lithuania.
In fact, Lithuania had the biggest growth, because, while in Russian Empire, it was not able to develop, after getting its independence, the growth started and Lithuania almost became equal to Latvia and Estonia.
“Within a decade, the Baltic republics managed to develop their agricultural and manufacturing bases while securing a place in the European system.”
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