Lithuania set to join OECD

Lithuania will join the Organisation for Economic Co-operation and Development (OECD) this week, hoping membership in the Paris-based club of rich nations will help attract foreign investment to the Baltic eurozone economy, officials said today.

President Dalia Grybauskaite will ink the accession deal in the French capital on Wednesday, making Lithuania the 36th member.

"We will receive top-level expert advice, secure better assessments from investors, receive cheaper loans and easier access to markets worldwide," the Lithuanian presidency said in a statement.

In the run-up to membership, the nation of 2.8 million people has pushed through reforms in "corporate governance of listed and state-owned enterprises, anti-corruption and investment." Lithuania is enjoying a strong economic upswing, driven by record wage growth since the 2009 financial crisis with the economy set to grow 3.2 per cent this year.

But high income inequality and emigration to richer western European nations remain a challenge as the shortage of skilled labour becomes an obstacle to foreign investment.

Fellow eurozone Baltic states Estonia and Latvia joined the OECD in 2010 and 2016, respectively.