Wilson PonLatvia’s Economy is In Deep Trouble!
May 27th 2009 08:06
Latvia, a little country that situated in the Baltic region and one of the former regions of Soviet Union, is now facing trouble with the economy turndown situation!
Latvia’s manufacturing and service sectors has been continuing to decline in the first quarter of 2009. For saving Latvia from devastation, the International Monetary Fund (IMF) had approved a 7.5 billion euro rescue package for Latvia on December 2008.
Andris Vilks, the chief economist of SEB Latvia mentioned that the decline in GDP was a little bit worse in the early 90s. However, he afraid that the situation will continue becomes even worse in the near future, due to the global economic downturn.
For you information, Latvia started to join EU in 2004. After that, it starting to have the economy grew at an average of 10% per year, not for one, two or three, but for four consecutive years!
Some economists said that this aggressively fast economy growing is also one the main reasons, why Latvia’s GDP is expecting a huge 13% fall in this year!
Latvia’s manufacturing and service sectors has been continuing to decline in the first quarter of 2009. For saving Latvia from devastation, the International Monetary Fund (IMF) had approved a 7.5 billion euro rescue package for Latvia on December 2008.
Andris Vilks, the chief economist of SEB Latvia mentioned that the decline in GDP was a little bit worse in the early 90s. However, he afraid that the situation will continue becomes even worse in the near future, due to the global economic downturn.
For you information, Latvia started to join EU in 2004. After that, it starting to have the economy grew at an average of 10% per year, not for one, two or three, but for four consecutive years!
Some economists said that this aggressively fast economy growing is also one the main reasons, why Latvia’s GDP is expecting a huge 13% fall in this year!
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