Purpose of the article The aim of this paper is to analyze the economic changes and contemporary issues in the economy of Lithuania and the Czech Republic in the period of 2005-2013. The research characterizes the changes of economic development and the aspiration to seek sustainability of the economic development and inclusive growth as a precondition for business development. In the article the development of business is characterized by global competitiveness index and ease doing business index.
Methodology/methods Economic development index is evaluated in order to examine the changes of economic development. Preconditions for business development are characterized based on the index of economic development. The empirical study was based on data given by the World Bank. For the evaluation of economic development indicators in these countries in the analyzed period of 2005-2013 year 2005 was chosen as base year.
Scientific aim To analyze the development of the country’s economy as a precondition for business development and compare economic development among Lithuania, the Czech Republic and to characterize the development of business in the context of the European Union (EU) Member States and the European Union euro area (EUea) in the period of 2005-2013. Findings Economic development is always associated with structural changes, economic fluctuations, and economic modernization, which are described by the dynamics of the main macroeconomic indicators, including business development.
Conclusions In the future the main problems for Lithuanian economic development are industry policy, research&development; (R&D) expenditure. Although Lithuania is on the list of thirty countries, that have the most favorable business environment, its macroeconomic indicators are not better than the macroeconomic indicators of the Czech Republic. The macroeconomic indicators of the Czech Republic are significantly higher, but its business environment indexes are lower.