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Economic crisis management: Latvian story

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Presentation by Andris Vilks, Minister of Finance, Republic of Latvia at the Bank of Latvia conference "Economic Adjustment under Sovereign Debt Crisis: Can Experience of the Baltics Be Applied to …

Presentation by Andris Vilks, Minister of Finance, Republic of Latvia at the Bank of Latvia conference "Economic Adjustment under Sovereign Debt Crisis: Can Experience of the Baltics Be Applied to Others?"
Riga, November 2, 2012.

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  • 1. Economic crisis management: Latvian story Andris Vilks Minister for Finance Riga, November 2, 2012 1
  • 2. From Crisis to Recovery 2
  • 3. The Latvian Economy hasRecovered from CrisisGDP growth, constant prices, % Source: Central Statistical Bureau of Latvia. Forecasts Ministry of Finance 3
  • 4. Frontloading BudgetConsolidation 2008–2012Budget deficit has been reduced by implementing austerity measures in amount of 2,3 billion lats or 17% of GDP 4
  • 5. Fiscal Targets and Results 5
  • 6. Key Policy Goals & Objectives 6
  • 7. Lessons Learned Devaluation was Frontloaded fiscal Better to cut public neither necessary adjustment is expenditures than to nor inevitable preferable raise taxes Unstable coalition International rescue government is not Populism doesn’t should be necessarily an work in a serious appropriate and obstacle for crisis crisis front-loaded resolution 7
  • 8. On the Way to Euro 8
  • 9. Challenges in Future Sustainable Economic Growth Structural Reforms• Improve business environment • Social sector• Strenghten competitiveness • Education• Fiscal discipline that supports • Public administration growth • Labor market policy• Developments in the EU 9
  • 10. Conclusions & recommendationsfor the rest of the EU Strong and well- Responsible Fiscal discipline functioning EMU decision making Respecting commitments Swift implementation undertaken with the of the 2-pack Fiscal Treaty and "6-pack" 10
  • 11. Economic crisis management: Latvian story Andris Vilks Minister for Finance Riga, November 2, 2012 11

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