Introducing
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A country located in
Easter Europe bordering
the Baltic Sea, between
Estonia and Lithuania
Facts:
Parliamentary Democracy
Population: 2.3 million
Indepence: May 4, 1990
GDP: $14,300
$5.97 billion
machinery and equipment,
consumer goods,
chemicals, fuels, vehicles
Lithuania 16.36%,
Germany 11.34%,
Russia 10.68%,
Poland 8.11%,
Estonia 7.69%
Import
$3.569 BILLION
Food products, wood
and wood products,
metals, machinery and
equipment, textiles
Lithuania 15.19%,
Estonia 13.57%,
Russia 13.17%,
Germany 8.13%,
Sweden 5.7%
ISSUES
The reason for the union's fall was occurred because of to the economic problems in the state of Batic which had to take a 7.5 billion euro rescue loan
Latvia was the 2nd European country to fall as a to the result of the Global Financial problems
GDP fell 18%
Help & Solutions
Thanks to a strong export growth in 2009 & 2010, the economy's GDP grow 2.9% in two years. The International Monetary Fund, EU, and other international donors provided substanctial financial assistance to Latia as part of an agreement to defend the currency'peg to the euro.
This agreement calls for reduction of Latvia's economic debit to below 3% of GDP by 2012, in order to meet the Maastricht Treaty criteria for euro adoption.
Prime Minister Valdis Dombrovskis perform major spending cuts to reduce the financial debt from 8.5% to 5.4% 2011
Latvia's current major financial policy goal, entrance into the euro zone, is targeted for 2014
Economic relations are dynamic,
ith plenty of room for growth
Treaties on investment, trade, intellectual propertyprotection and mutual legal assistance
service industries like telecommunications, transport and logistics,and renewable energy technologies
After Latvia joined the EU in May 2004, the growth was fueled by a credit boom that boosted domestic demand that drove prices and wages up. The government spending also rose rapidly.
Sources
http://www.telegraph.co.uk/news/worldnews/europe/latvia/4736248/Latvia-government-collapses-amid-economic-turmoil.html
https://www.cia.gov/library/publications/the-world-factbook/geos/lg.html
http://www.li.lv/index.php?option=com_content&task=view&id=121&Itemid=1125
http://traveldocs.com/lv/economy.htm
Economic
Problems:
Latvia
U.S.A. & Latvia
(Feb. 2009)
Russia
Due to its geographical location,
it transit services that are
highly-developed,
along with timber and wood-processing, agriculture and food products, and manufacturing of machinery and electronic devices.
ExportS
1 Latvian lats = 1.40992619 Euros
1 Latvian lats = 2.00562 U.S. dollars