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The Republic of Latvia is a small (2 million habitant) and open economy with deep links to the European Union, and still significant connections to some countries in the CIS region. Although the 2007-2010 financial crisis had a major adverse effect on Latvia, exposing its external vulnerabilities, the country has managed one of the most successful macroeconomic adjustment programmes in recent history, registering a quick and consistent economic recovery with admirable resolve in fiscal policy and rapid labour market adjustment. After a deep contraction, average growth of more than 3-4 % annually since 2011 has been significantly above the EU average.



Prof. Dr. Hab. Juris Purans
Head of EXAFS Laboratory
Institute of Solid State Physics, University of Latvia
last update by ESUO admin on 3/23/2016 11:41:54 AM



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