Lithuanian GDP experienced very high real growth rates for decade up to 2009, peaking at 11.1% in 2007. As a result, the country was often termed as a Baltic Tiger. However, 2009, due to Financial crisis of 2007–2008 marked experienced a drastic decline – GDP contracted by 14.9% and unemployment rate reached 17.8% in 2010. After the decline of 2009, Lithuanian annual economic growth has been much slower compared to pre-2009 years. According to IMF, financial conditions are conducive to growth and financial soundness indicators remain strong. The public debt ratio in 2016 fell to 40 percent of GDP, to compare with 42.7 in 2015 (before global finance crisis – 15 percent of GDP in 2008).
Question: Was the public debt ratio higher in 2016 or 2008?
Answer: 2016