Act of Independence of Lithuania of Jonas Basanavičius, who led the Council of Lithuania when the Act of 16 February was signed. The Jonas Basanavičius Prize is bestowed for distinguished work within the previous five years in the fields of ethnic and cultural studies. Act of Independence of Lithuania The Act of Reinstating Independence of Lithuania () or Act of 16 February was signed by the Council of Lithuania on 16 February 1918, proclaiming the restoration of an independent State of Lithuania, governed by democratic principles, with Vilnius as its capital. The Act was signed by all twenty representatives of the Council, which was chaired
Economy of Lithuania Economy of Lithuania Lithuania is a member of the European Union and the largest economy among the three Baltic states. GDP per capita in Lithuania is highest in the Baltic states and is 63% above the world's average of $17,300. Lithuania belongs to the group of very high human development countries and is a member of WTO an OECD. Lithuania was the first country to declare independence from Soviet Union in 1990 and rapidly moved from centrally planned to a market economy, implementing numerous liberal reforms. It enjoyed high growth rates after joining the European Union along with the other