Latvia is a country in the Baltic region of Northern Europe. It is bordered by Estonia, Lithuania, Russia, Belarus, and the Baltic Sea. Across the Baltic Sea lies Sweden. The government system is a parliamentary democracyMajority rule, by which the biggest proportion of members of...; the chief of state is the president, and the head of government is the prime minister. Latvia has transition to a market-oriented economyThe management of money, currency and trade of a nation. The... in which the prices of goods and services are determined in a free priceThe amount of money required to purchase something or to bri... system. Latvia is a member of the European UnionEU. Previously called the European Community. An internation... (EU).
Latvia’s economyThe management of money, currency and trade of a nation. The... has had rapid GDP growth of more than 10% per year during 2006–07, but entered a severe recession in 2009 as a result of an unsustainable current accountA bank account which can be used to make deposits, withdrawa... deficit, collapse of the real estateAlso called Realty. Property consisting of land with permane... marketThe commercial activity of buying and selling goods and serv..., and large debt exposureMoney that a lender risks losing if the borrower fails to pa... amid the softening world economyThe management of money, currency and trade of a nation. The.... Triggered by the collapse of Parex Bank, the second largest bank, GDP decreased by almost 18% in 2009, and the European UnionEU. Previously called the European Community. An internation..., the International Monetary FundIMF. Established in 1944 by the United Nations to monitor fo..., and other international donors provided substantial financial assistance to Latvia as part of an agreement to defend the currency’s peg to the euro in exchange for the government’s commitment to stringent austerity measures. In 2011 Latvia achieved GDP growth by 5.5% and thus Latvia again was among the fastest growing economies in the European UnionEU. Previously called the European Community. An internation.... The IMF/EU program successfully concluded in December 2011.
Until the middle of 2008, Latvia had the fastest developing economyThe management of money, currency and trade of a nation. The... in Europe. In 2003, GDP growth was 7.5% and inflationNormally referring to the economy of a country, inflation is... was 2.9%. The centrally planned system of the Soviet period was replaced with a structure based on free-market principles. In 2005, private sectorThe part of a country's economy which is owned and run for p... shareAny of the equal units into which a company's capital stock ... in GDP was 70%. Recovery in light industry and Riga’s emergence as a regional financial and commercial center offset shrinkage of the state-owned industrial sector and agriculture. The official unemploymentAn economic situation in which jobless people, often those w... figure was held steady in the 7%–10% range.
Important Details
- Country ISO3 : LVA
- Country Code : 428
- Income Group : High Income
- Lending Category : P2PPeer-to-peer is a model for computer connectivity and file-
- Region : Europe and Central Asia
- Currency Unit: Euro (EUR)
- WTO Member : Yes
- TradeThe buying and selling or exchange of goods and services. Th... organisations : EU, WTO
- world rank : 36
- Regional Ranking : 17th in Europe
