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The paper attempts to assess the impact of the recent 2007-2009 crisis on economies of the Baltic countries. Following the relevant literature review, two different approaches are tested: the first one attempts to summarize two dimensions of crisis severity, and the second approach is based on the notion that the recession brought by the crisis is just a painful readjustment of economy to normal trend of development which was corrupted by the unhealthy boom. In the first case, two types of severity index, embracin...