Latvia: Recent Economic Developments

International Monetary Fund

No 1995/125, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper reviews economic developments in Latvia during 1993–94. During 1994, Latvia began to enjoy the fruits of its steadfast efforts to achieve macroeconomic stabilization and the transformation to a market economy. GDP grew by 2 percent, after three years of economic decline in which output is estimated to have fallen by about 50 percent. Real wages also increased in 1994, after sharp declines in earlier years. Although the unemployment rate increased to about 6½ percent of the labor force, it remained well below expectations and also below unemployment rates in Western Europe.

Keywords: ISCR; CR; U.S. dollar; central bank; balance of payments; broad money; central government; economic activity; foreign direct investment; second quarter; secondary market; nominal GDP; debt service; private sector; Commercial banks; Credit; Treasury bills and bonds; Budget planning and preparation; Baltics (search for similar items in EconPapers)
Pages: 107
Date: 1995-12-19
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