Latvia is expected to adopt the euro on January 1, 2014. There are high expectations that adopting the euro will lead to benefits like low inflation, high growth, and rising foreign investment. However, other eurozone countries' experiences show that underlying competitiveness, institutions, politics, and policymaking are more important determinants of success than joining criteria. Slovenia joined the eurozone in 2007 and experienced slowing growth as it struggled with institutional readiness. Slovakia joined in 2009 at an overvalued exchange rate but was able to avoid major negative impacts due to previous economic reforms. Estonia's transition to the euro in 2011 went smoothly.
The document summarizes recent economic developments in Russia. It notes that while external factors like rising oil prices and capital inflows have provided some relief, domestic vulnerabilities remain. The economy contracted sharply in 2009 but the rate of contraction slowed in the third quarter. Expansionary fiscal and monetary policies are mitigating the downturn but risks remain from growing deficits, weak corporate balance sheets, unemployment, and an still recovering banking sector. Growth is forecast to recover to 4.3% in 2010 but the medium term outlook is muted without reforms to address financial imbalances and boost productivity and competition. Domestic demand from households and businesses remains weak.
Lekcija: Pasaules tautsaimniecības izaicinājumi un perspektīvasLatvijas Banka
Prezentācija "Pasaules tautsaimniecības izaicinājumi un perspektīvas" izmantota Latvijas Bankas vieslekcijā Rēzeknes Tehnoloģiju akadēmijā 2016. gada 17. februārī.
Aplūkotās tēmas:
• Pasaules tautsaimniecības attīstības tendences un tuvākās nākotnes perspektīvas;
• Pasaules ekonomikas un lielāko pasaules valstu ekonomiku attīstības prognozes;
• Būtiskākie ekonomikas attīstības riski;
• Aktuālie jautājumi un ieteikumi politikas veidotājiem.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
1. The document discusses the impact of the debt crisis in European countries that use the euro. It led to higher growth initially but also rising current account imbalances.
2. Two potential solutions are discussed: further integrating policies and governments in the EU, and reducing peripheral debt through tools like Eurobonds or other mechanisms.
3. The methodology section outlines that the research will use both primary and secondary data sources to examine the issues and develop understanding of the impacts in different eurozone countries. A deductive or inductive approach may be taken.
Macroeconomic Developments Report. December 2015Latvijas Banka
Based on data from tLatvijas Banka, Central Statistical Bureau of Latvia, Ministry of Finance, and Financial and Capital Market Commission, this publication assesses developments of the external sector and exports, financial market, domestic demand and supply, prices and costs, and balance of payments, and provides forecasts for the economic development and inflation.
Swedbank Economic Outlook 29 September 2009Swedbank
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Address by Prime Minister Valdis Dombrovskis at the Euro Conference – LatviaLatvijas Banka
The document is a speech by Prime Minister Valdis Dombrovskis at the Euro Conference - Latvia. It discusses Latvia joining the eurozone on January 1, 2014, making it the first country to adopt the euro after overcoming a financial crisis. The Prime Minister notes Latvia has fulfilled requirements and demonstrated its ability to deal with economic problems facing other eurozone countries. He argues that closer economic integration, such as adopting the euro, is important for small countries like Latvia to remain competitive globally. However, adopting the euro alone will not guarantee success - Latvia must also continue reforms to increase competitiveness, such as boosting exports and reducing inequality. The Prime Minister expresses hope that adopting the euro will serve as a springboard for higher
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
The document summarizes recent economic developments in Russia. It notes that while external factors like rising oil prices and capital inflows have provided some relief, domestic vulnerabilities remain. The economy contracted sharply in 2009 but the rate of contraction slowed in the third quarter. Expansionary fiscal and monetary policies are mitigating the downturn but risks remain from growing deficits, weak corporate balance sheets, unemployment, and an still recovering banking sector. Growth is forecast to recover to 4.3% in 2010 but the medium term outlook is muted without reforms to address financial imbalances and boost productivity and competition. Domestic demand from households and businesses remains weak.
Lekcija: Pasaules tautsaimniecības izaicinājumi un perspektīvasLatvijas Banka
Prezentācija "Pasaules tautsaimniecības izaicinājumi un perspektīvas" izmantota Latvijas Bankas vieslekcijā Rēzeknes Tehnoloģiju akadēmijā 2016. gada 17. februārī.
Aplūkotās tēmas:
• Pasaules tautsaimniecības attīstības tendences un tuvākās nākotnes perspektīvas;
• Pasaules ekonomikas un lielāko pasaules valstu ekonomiku attīstības prognozes;
• Būtiskākie ekonomikas attīstības riski;
• Aktuālie jautājumi un ieteikumi politikas veidotājiem.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
1. The document discusses the impact of the debt crisis in European countries that use the euro. It led to higher growth initially but also rising current account imbalances.
2. Two potential solutions are discussed: further integrating policies and governments in the EU, and reducing peripheral debt through tools like Eurobonds or other mechanisms.
3. The methodology section outlines that the research will use both primary and secondary data sources to examine the issues and develop understanding of the impacts in different eurozone countries. A deductive or inductive approach may be taken.
Macroeconomic Developments Report. December 2015Latvijas Banka
Based on data from tLatvijas Banka, Central Statistical Bureau of Latvia, Ministry of Finance, and Financial and Capital Market Commission, this publication assesses developments of the external sector and exports, financial market, domestic demand and supply, prices and costs, and balance of payments, and provides forecasts for the economic development and inflation.
Swedbank Economic Outlook 29 September 2009Swedbank
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Address by Prime Minister Valdis Dombrovskis at the Euro Conference – LatviaLatvijas Banka
The document is a speech by Prime Minister Valdis Dombrovskis at the Euro Conference - Latvia. It discusses Latvia joining the eurozone on January 1, 2014, making it the first country to adopt the euro after overcoming a financial crisis. The Prime Minister notes Latvia has fulfilled requirements and demonstrated its ability to deal with economic problems facing other eurozone countries. He argues that closer economic integration, such as adopting the euro, is important for small countries like Latvia to remain competitive globally. However, adopting the euro alone will not guarantee success - Latvia must also continue reforms to increase competitiveness, such as boosting exports and reducing inequality. The Prime Minister expresses hope that adopting the euro will serve as a springboard for higher
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Russia - sharp slowdown and protacted recoverySwedbank
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Highlights:
Annual inflation stands positive
Manufacturing growth has become stronger
Government debt servicing costs have been reduced
"In Focus":
What are the different effects of oil price developments on Latvia's inflation? autori: Oļegs Tkčevs and Andrejs Bessonovs
The Greek government's 2011 budget significantly underperformed projections, with a 23% larger borrowing requirement than planned. Revenues were lower than expected and interest payments increased substantially compared to 2010. Greece remains insolvent with a large debt burden and high budget deficit, and discussions are ongoing around private creditors forgiving 70% of Greek debt. However, this would only address Greece's stock of debt and not underlying issues like weak competitiveness and economic growth, which are needed to truly solve the crisis. The bailout funds available may not be sufficient, and Greece will require deep austerity measures that could lead to major social unrest.
Economic environment, fundamentals and challengesNikola Mitic
Zoran Petrovic, Deputy Chairman of the Managing Board, Raiffeisen banka a.d.
He is currently responsible for Treasury and Investment Banking, Asset Management
and Leasing.
"Highlights":
* Energy prices keep annual inflation below zero
* Manufacturing growth regains momentum
* Latvia's exports: a zigzag path maintained
"In Focus":
* Latvia's exports to euro area: developments after joining, autore: Daina Pelēce
Highlights:
* GDP growth at 2.6% in 2015
* Current account posted improvement
* Unemployment continues to decrease, but at a slower pace
In Focus:
Zero-based approach to government budgeting, Baiba Traidase
The arguments for fiscal as well as monetary rules in a monetary union aiming at low inflation, the main weaknesses in the Stability and Growth Pact, and proposals for its reform are reviewed. Our own proposal for reforming the SGP is put forward: a requirement for eurozone Member States to enact entrenched legislation which would forbid budgets that led to public debt exceeding a certain proportion of GDP. Countries which failed to enact such provisions or which rescinded them could not remain in the eurozone. This would solve the key “enforcibility problem” that the SGP faces, without centralizing fiscal power in the European Commission. However, effective reform proposals are unlikely to be politically acceptable, and the SGP is likely to continue to be a dead letter. This suggests that the EMU was implemented prematurely.
Authored by: Jacek Rostowski
Published in 2004
1) The Latvian economy experienced a temporary slowdown in the first quarter of 2016, with GDP growth of 1.3% year-on-year but a decline of 0.1% quarter-on-quarter, driven by a large drop in construction output.
2) Exports declined in the first quarter, driven by decreases in machinery, electrical equipment, and re-exports, while import volumes also fell.
3) Retail trade growth was supported by rising incomes in 2015 but may slow in 2016 as wage growth moderates and the contribution from lower fuel prices diminishes. Income levels, lending, demographics, and consumer habits are more important determinants of retail trade in the long run than
Central and Eastern European countries have shown improved resistance to economic turbulence. While their currencies and capital markets declined recently due to eurozone crisis fears, forecasts do not predict a return to recession for the region. In the past decade foreign investment stimulated growth, but also created imbalances. The region was hit hard by the 2008 crisis, though some like Poland avoided recession. Now Poland, Czech Republic, Slovakia and Hungary have stronger economies driven by industry and trade with Germany. The IMF lowered growth forecasts for many in the region but not into a recession. Public debt is generally lower in Central and Eastern Europe compared to Western Europe. Medium-term growth prospects in Central and Eastern Europe are expected to exceed those of Western Europe as the region continues
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
This document discusses the future of Europe based on data from economic forecasts and interviews with business leaders. It finds:
1) Europe's economies are stagnating with weak growth prospects and high unemployment expected to continue. Public debt is also rising in many countries due to slow growth hampering deficit reduction efforts.
2) Business confidence in Europe is low, with few expecting profits or hiring to increase in the coming year. However, investment in machinery is expected to rise which may provide a boost.
3) There is strong support among eurozone business leaders for further European integration, with 66% open to more economic integration and 40% open to greater political union as well. Ireland is least supportive of further integration.
Since the publication in July of stress test for banks in Europe, everything went quiet on the PIGS debt crisis with no much news during the summer. Things however are boiling again and Greek will come back to the forefront of medias sooner rather than later.
Poland's economy is slowing after strong growth in recent years. GDP growth is expected to decline to 2.7% in 2012 from 4.3% in 2011 due to weaker global demand, lower investment, and rising unemployment. While Poland avoided recession in 2008-2009 due to fiscal stimulus and currency depreciation, continued reforms are needed to increase competitiveness through innovation, education, and reducing regional economic disparities. The eurozone crisis has allowed Poland to delay euro adoption plans, but it wants to still have influence over eurozone policies as its economy remains closely tied to Europe's.
After stabilization in 1993 Moldova maintained an unsustainable macroeconomic policy mix. The key problem was a lack of a fiscal adjustment, which resulted in large budget deficits. At the same time, the National Bank of Moldova (NBM) attempted to conduct a tight monetary policy. As a result, the exchange rate was appreciating, domestic absorption increasingly exceeded income and the country has been running large Current Account deficits. Moldova had an access to international financial markets and its indebtedness vs. the rest of the world was growing year by year at an alarming rate. Finally, in late 1998 Moldova suffered a balance of payments crisis, directly triggered by developments in Russia. Moldovan leu was devalued by about 70% and the current account improved.
The paper concentrates on the empirical dimension of the Moldovan financial crisis. It provides a case study of a) detecting and interpreting macroeconomic anomalies and b) identification of early warning signals of policy unsustainability and imminent change of financial market sentiment.
Authored by: Marek Jarocinski
Published in 2000
Eurozone, macro economic imbalances and the bailoutMarkets Beyond
The document discusses macroeconomic imbalances within the eurozone that led to sovereign debt crises. It notes that budget deficits and public debt levels had been deteriorating in many European countries. The document analyzes debt levels relative to tax revenues, finding that Greece and Ireland in particular have debt exceeding 2-3 years of tax revenues and over 20% of tax revenues for 2011. It concludes that Greece will likely have to restructure its debt significantly as other countries like Dubai have done to manage high debt loads.
- The Baltic Sea region experienced a steep economic decline in 2009, with GDP falling 5.9%. Growth is expected to return in 2010 and 2011 at rates of 2.6% and 3.1% respectively.
- The recovery is dependent on continued growth in emerging markets, which are currently the main drivers of the global economy. Risks to the outlook include turbulence in financial markets and the eurozone sovereign debt crisis potentially slowing demand.
- Structural reforms are still needed across the region to strengthen competitiveness and ensure sustainable long-term growth as countries deal with the effects of the crisis.
Highlights:
- Current account reflects the recovering investment activity
- Annual inflation continues hovering around 3%
- GDP growth exceeds expectations and leads to revised forecasts
In Focus:
- Latvia 2017: Back to growth and structural reforms, by Mārtiņš Grāvītis
An analysis of the Swedish property markets and its weaknesses. I researched the structure of the Swedish mortgage market, real estate valuation and household indebtedness and the covered bond market and its connection to the Swedish banking system.
Part 1 gives the macroeconomic background and looks at the structure of the local mortgage market.
"Macroeconomic Developments Report", March 2014Latvijas Banka
The document provides an executive summary of Latvia's Macroeconomic Developments Report for March 2014. Some key points:
- Latvia's exports weakened at the end of 2013 due to high base effects and seasonal factors, but competitiveness remained high. The current account deficit decreased to 0.8% of GDP.
- Latvia's major trade partners' growth forecasts were revised, with significant downgrades for Russia and Ukraine due to political instability. Euro area GDP growth was stronger than expected.
- As of January 2014, Latvijas Banka became a full member of the Eurosystem, implementing the euro area's single monetary policy. Loans in Latvia continued declining in December and January.
- Latvia had among
This document discusses Russia's fiscal policy challenges in the context of economic stagnation or modernization. It notes that government revenues and spending increased rapidly from 2001-2012 but then revenues declined sharply in 2014-2016. The floating exchange rate has helped cushion the impact of falling oil revenues on the government budget. Targets have been announced to gradually reduce the government deficit to around 1% of GDP per year. Efforts to balance the budget will focus on increasing revenues from smaller taxes and improving collection while containing growth in public sector wages, pensions, and some categories of spending. Military expenditures increased substantially in some years but appear to have leveled off.
Este documento habla sobre la primera semana de énfasis espiritual en la iglesia. Se enfoca en Jesús, su muerte y resurrección. Menciona que durante los primeros siglos después de Cristo, miles de cristianos fueron perseguidos y martirizados por su fe, pero que Cristo les dio esperanza. También dice que gracias a Jesús, la muerte ya no es un enemigo sino un sueño, y que en la resurrección final los justos vivirán eternamente en gloria.
Seoul | Jun-15 | Employing ICT for Socio – Economic Development in Rural and ...Smart Villages
By Dr Alvin Yeo
A Systemic, Holistc, Interdisciplinary, and Partcipatory (SHIP) Approach
Our Seoul media workshop was a two-day residential event featuring a combination of background briefings from local and international experts and entrepreneurs on energy markets and developments in the South East Asian off-grid sector. The workshop offered an opportunity to explore the Smart Villages concept and study nascent Smart Village projects and relevant technologies from around the world.
Russia - sharp slowdown and protacted recoverySwedbank
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Highlights:
Annual inflation stands positive
Manufacturing growth has become stronger
Government debt servicing costs have been reduced
"In Focus":
What are the different effects of oil price developments on Latvia's inflation? autori: Oļegs Tkčevs and Andrejs Bessonovs
The Greek government's 2011 budget significantly underperformed projections, with a 23% larger borrowing requirement than planned. Revenues were lower than expected and interest payments increased substantially compared to 2010. Greece remains insolvent with a large debt burden and high budget deficit, and discussions are ongoing around private creditors forgiving 70% of Greek debt. However, this would only address Greece's stock of debt and not underlying issues like weak competitiveness and economic growth, which are needed to truly solve the crisis. The bailout funds available may not be sufficient, and Greece will require deep austerity measures that could lead to major social unrest.
Economic environment, fundamentals and challengesNikola Mitic
Zoran Petrovic, Deputy Chairman of the Managing Board, Raiffeisen banka a.d.
He is currently responsible for Treasury and Investment Banking, Asset Management
and Leasing.
"Highlights":
* Energy prices keep annual inflation below zero
* Manufacturing growth regains momentum
* Latvia's exports: a zigzag path maintained
"In Focus":
* Latvia's exports to euro area: developments after joining, autore: Daina Pelēce
Highlights:
* GDP growth at 2.6% in 2015
* Current account posted improvement
* Unemployment continues to decrease, but at a slower pace
In Focus:
Zero-based approach to government budgeting, Baiba Traidase
The arguments for fiscal as well as monetary rules in a monetary union aiming at low inflation, the main weaknesses in the Stability and Growth Pact, and proposals for its reform are reviewed. Our own proposal for reforming the SGP is put forward: a requirement for eurozone Member States to enact entrenched legislation which would forbid budgets that led to public debt exceeding a certain proportion of GDP. Countries which failed to enact such provisions or which rescinded them could not remain in the eurozone. This would solve the key “enforcibility problem” that the SGP faces, without centralizing fiscal power in the European Commission. However, effective reform proposals are unlikely to be politically acceptable, and the SGP is likely to continue to be a dead letter. This suggests that the EMU was implemented prematurely.
Authored by: Jacek Rostowski
Published in 2004
1) The Latvian economy experienced a temporary slowdown in the first quarter of 2016, with GDP growth of 1.3% year-on-year but a decline of 0.1% quarter-on-quarter, driven by a large drop in construction output.
2) Exports declined in the first quarter, driven by decreases in machinery, electrical equipment, and re-exports, while import volumes also fell.
3) Retail trade growth was supported by rising incomes in 2015 but may slow in 2016 as wage growth moderates and the contribution from lower fuel prices diminishes. Income levels, lending, demographics, and consumer habits are more important determinants of retail trade in the long run than
Central and Eastern European countries have shown improved resistance to economic turbulence. While their currencies and capital markets declined recently due to eurozone crisis fears, forecasts do not predict a return to recession for the region. In the past decade foreign investment stimulated growth, but also created imbalances. The region was hit hard by the 2008 crisis, though some like Poland avoided recession. Now Poland, Czech Republic, Slovakia and Hungary have stronger economies driven by industry and trade with Germany. The IMF lowered growth forecasts for many in the region but not into a recession. Public debt is generally lower in Central and Eastern Europe compared to Western Europe. Medium-term growth prospects in Central and Eastern Europe are expected to exceed those of Western Europe as the region continues
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
This document discusses the future of Europe based on data from economic forecasts and interviews with business leaders. It finds:
1) Europe's economies are stagnating with weak growth prospects and high unemployment expected to continue. Public debt is also rising in many countries due to slow growth hampering deficit reduction efforts.
2) Business confidence in Europe is low, with few expecting profits or hiring to increase in the coming year. However, investment in machinery is expected to rise which may provide a boost.
3) There is strong support among eurozone business leaders for further European integration, with 66% open to more economic integration and 40% open to greater political union as well. Ireland is least supportive of further integration.
Since the publication in July of stress test for banks in Europe, everything went quiet on the PIGS debt crisis with no much news during the summer. Things however are boiling again and Greek will come back to the forefront of medias sooner rather than later.
Poland's economy is slowing after strong growth in recent years. GDP growth is expected to decline to 2.7% in 2012 from 4.3% in 2011 due to weaker global demand, lower investment, and rising unemployment. While Poland avoided recession in 2008-2009 due to fiscal stimulus and currency depreciation, continued reforms are needed to increase competitiveness through innovation, education, and reducing regional economic disparities. The eurozone crisis has allowed Poland to delay euro adoption plans, but it wants to still have influence over eurozone policies as its economy remains closely tied to Europe's.
After stabilization in 1993 Moldova maintained an unsustainable macroeconomic policy mix. The key problem was a lack of a fiscal adjustment, which resulted in large budget deficits. At the same time, the National Bank of Moldova (NBM) attempted to conduct a tight monetary policy. As a result, the exchange rate was appreciating, domestic absorption increasingly exceeded income and the country has been running large Current Account deficits. Moldova had an access to international financial markets and its indebtedness vs. the rest of the world was growing year by year at an alarming rate. Finally, in late 1998 Moldova suffered a balance of payments crisis, directly triggered by developments in Russia. Moldovan leu was devalued by about 70% and the current account improved.
The paper concentrates on the empirical dimension of the Moldovan financial crisis. It provides a case study of a) detecting and interpreting macroeconomic anomalies and b) identification of early warning signals of policy unsustainability and imminent change of financial market sentiment.
Authored by: Marek Jarocinski
Published in 2000
Eurozone, macro economic imbalances and the bailoutMarkets Beyond
The document discusses macroeconomic imbalances within the eurozone that led to sovereign debt crises. It notes that budget deficits and public debt levels had been deteriorating in many European countries. The document analyzes debt levels relative to tax revenues, finding that Greece and Ireland in particular have debt exceeding 2-3 years of tax revenues and over 20% of tax revenues for 2011. It concludes that Greece will likely have to restructure its debt significantly as other countries like Dubai have done to manage high debt loads.
- The Baltic Sea region experienced a steep economic decline in 2009, with GDP falling 5.9%. Growth is expected to return in 2010 and 2011 at rates of 2.6% and 3.1% respectively.
- The recovery is dependent on continued growth in emerging markets, which are currently the main drivers of the global economy. Risks to the outlook include turbulence in financial markets and the eurozone sovereign debt crisis potentially slowing demand.
- Structural reforms are still needed across the region to strengthen competitiveness and ensure sustainable long-term growth as countries deal with the effects of the crisis.
Highlights:
- Current account reflects the recovering investment activity
- Annual inflation continues hovering around 3%
- GDP growth exceeds expectations and leads to revised forecasts
In Focus:
- Latvia 2017: Back to growth and structural reforms, by Mārtiņš Grāvītis
An analysis of the Swedish property markets and its weaknesses. I researched the structure of the Swedish mortgage market, real estate valuation and household indebtedness and the covered bond market and its connection to the Swedish banking system.
Part 1 gives the macroeconomic background and looks at the structure of the local mortgage market.
"Macroeconomic Developments Report", March 2014Latvijas Banka
The document provides an executive summary of Latvia's Macroeconomic Developments Report for March 2014. Some key points:
- Latvia's exports weakened at the end of 2013 due to high base effects and seasonal factors, but competitiveness remained high. The current account deficit decreased to 0.8% of GDP.
- Latvia's major trade partners' growth forecasts were revised, with significant downgrades for Russia and Ukraine due to political instability. Euro area GDP growth was stronger than expected.
- As of January 2014, Latvijas Banka became a full member of the Eurosystem, implementing the euro area's single monetary policy. Loans in Latvia continued declining in December and January.
- Latvia had among
This document discusses Russia's fiscal policy challenges in the context of economic stagnation or modernization. It notes that government revenues and spending increased rapidly from 2001-2012 but then revenues declined sharply in 2014-2016. The floating exchange rate has helped cushion the impact of falling oil revenues on the government budget. Targets have been announced to gradually reduce the government deficit to around 1% of GDP per year. Efforts to balance the budget will focus on increasing revenues from smaller taxes and improving collection while containing growth in public sector wages, pensions, and some categories of spending. Military expenditures increased substantially in some years but appear to have leveled off.
Este documento habla sobre la primera semana de énfasis espiritual en la iglesia. Se enfoca en Jesús, su muerte y resurrección. Menciona que durante los primeros siglos después de Cristo, miles de cristianos fueron perseguidos y martirizados por su fe, pero que Cristo les dio esperanza. También dice que gracias a Jesús, la muerte ya no es un enemigo sino un sueño, y que en la resurrección final los justos vivirán eternamente en gloria.
Seoul | Jun-15 | Employing ICT for Socio – Economic Development in Rural and ...Smart Villages
By Dr Alvin Yeo
A Systemic, Holistc, Interdisciplinary, and Partcipatory (SHIP) Approach
Our Seoul media workshop was a two-day residential event featuring a combination of background briefings from local and international experts and entrepreneurs on energy markets and developments in the South East Asian off-grid sector. The workshop offered an opportunity to explore the Smart Villages concept and study nascent Smart Village projects and relevant technologies from around the world.
El documento presenta las ideas clave de un sermón sobre el amor durante la Primera Semana de Énfasis Espiritual. Aborda temas como mantener la amistad en momentos difíciles, no contarle todo a los amigos, no iniciar relaciones sexuales prematuramente y no anteponer a los amigos antes que a los padres cristianos. También discute que el amor verdadero contiene elementos de eros, filia y ágape, y que el amor de Dios es puramente ágape.
El documento habla sobre la primera semana de énfasis espiritual y cómo manejar la ira. Discute el umbral de la ira, qué hacer cuando alguien más se enoja, evitar las discusiones y peleas, ser breves en los argumentos verbales, recordar las expectativas de género, y la importancia de llevarse bien y vencer las diferencias.
Este documento clasifica diferentes tipos de danza como danza clásica (ballet, contemporáneo, jazz), danza moderna (moderno, funky, street, hip hop, break dance, locking) y danza regional específica de diferentes regiones de España como el flamenco, la jota, el chotis y la sardana.
This document outlines a project to design a quieter vacuum cleaner by reducing noise levels from 62 dB(A) to 49 dB(A) or less. It presents information on the project timeline, goals, and restrictions. The analytical stage of the project is described, including component structural analysis, function analysis, parametric analysis, and cause-effect chains analysis to identify key problems. Conceptual solutions are proposed to address problems related to noise muffling without changing the centrifugal fan design, as well as approaches involving changes to the fan motor. Overall, the document provides an overview of the vacuum cleaner noise reduction project and the analysis and conceptual work completed to develop engineering solutions.
El documento habla sobre la importancia de la comunicación efectiva. Señala que comunicarse implica factores verbales como las palabras y la entonación, y no verbales como las expresiones faciales y gestos. También destaca que el momento y el entorno afectan la comunicación. Recomienda que las parejas con muchas demandas se reencuentren a menudo y sugiere frases como "perdóname", "te quiero" y "te aprecio" para mejorar la comunicación.
Este documento contiene el programa de una Semana de Énfasis Espiritual con varios oradores invitados. Incluye saludos a diferentes iglesias y organizaciones. El tema principal es Jesús como el Alfa, el inicio de todo, que escogió al individuo entre millones desde antes del comienzo de su propia historia.
Planos de saúde devem justificar por escrito negativa de autorização de proce...Ministério da Saúde
A Agência Nacional de Saúde Suplementar (ANS), vinculada ao Ministério da Saúde, publicou uma resolução que torna mais rigoroso o monitoramento dos planos de saúde.
Edgerton Hospital Raises Awareness about Cervical CancerEdgerton Hospital
Edgerton Hospital in Wisconsin partnered with a local high school girls' basketball team to raise awareness about cervical cancer. In February 2013, the event educated students and the community about the causes of cervical cancer and how to lower the risk. Hospital staff were on hand to discuss cervical cancer. While over 12,000 women will be diagnosed with cervical cancer in 2014, it is highly treatable if caught early through regular pap smear tests.
Este documento presenta un sermón sobre Jesús, quien tiene las siete estrellas y camina entre los siete candeleros de oro. Explica que Jesús conoce a la iglesia y a cada individuo. Insta a los creyentes a reavivar su amor por Cristo mediante la oración, el estudio de la Biblia y compartir su fe con los demás.
Calameo es un sitio web gratuito que permite publicar y compartir documentos como PDF, Word, PowerPoint y Excel para crear libros y revistas digitales. Los usuarios pueden crear una cuenta gratis, cargar documentos, publicarlos de forma pública o privada, y compartir los enlaces en blogs u otros sitios web.
The document describes how to annotate texts like a journalist. It provides examples of annotating a scientific paper, garage science experiment, science coverage article, and critique of coverage using different annotation platforms. The author developed 7 rules for annotation based on their project experiences: check yourself, anticipate questions, make connections, open up, bury prizes, always illustrate, and invite conversation. The document concludes by proposing next steps like compiling a platform comparison, applying the rules to reporting projects, and curating more annotation examples.
Taller de lectura. Jornada pedagògica Joana Raspall Beatriu Palau
Presentació d'un Taller de lectura a partir de les poesies de la Joana Raspall.
Jornada pedagògica Joana Raspall. Sant Feliu de Llobregat. 14 de maig de 2013
El documento habla sobre la pasión y cómo esta no permite el juicio crítico ni entender razones. Identifica varios tipos de personas como Peter Pan, Medea, Adonis y Castrador que pueden ser afectados por la pasión. Finalmente da consejos como no contarle todo a alguien, no iniciarte sexualmente, no sacrificar a los amigos y no anteponer a alguien antes que los padres cristianos.
El documento define la enfermedad y términos relacionados. Explica que una enfermedad tiene un componente conceptual que la categoriza y ayuda a entenderla. Usa el ejemplo de la diabetes, que agrupa dos trastornos diferentes solo por sus síntomas comunes de sed y orina frecuente. También distingue entre enfermedad y otros términos como síndrome o trastorno, señalando que son categorías determinadas por la mente humana para clasificar diferentes estados de salud.
Speech by Olli Rehn at the Euro Conference LatviaLatvijas Banka
Presentation by Vice-President of the European Commission and member of the Commission responsible for Economic and Monetary Affairs and the Euro Olli Rehn at the Euro Conference Latvia.
Riga, September 12, 2013.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
As a result of the financial crisis and global recession public debt burdens have risen to critical levels in a number of Western European countries. Emergency loans from the EU and IMF have eased funding pressures, but have only bought the region time; painful fiscal adjustment and an improvement in competitiveness is required if the region is to enjoy a sustainable recovery.
Eastern Europe, while rebounding through exports and industrial output, will underperform its emerging-market peers in 2010. Business and consumer sentiment in the region is fragile, and its currency and bond markets are vulnerable to contagion from problems in the euro zone or a rise in risk aversion more broadly.
This presentation takes a look at the economic outlook for both Western and Eastern Europe.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
This document discusses the economies of the Baltic states - Estonia, Latvia, and Lithuania. It notes that while they share a common history and currency, each country has achieved economic success in different ways. For example, Estonia established a stabilization fund in 1997, Lithuania built the first LNG terminal in the Baltics, and Latvia carried out effective fiscal consolidation. The use of the euro has increased economic integration and positioned the Baltic states as a single region for investors. Going forward, fiscal policy and international trade will be important drivers of sustainable growth and competition among the three countries.
Swedbank Economic Outlook - 2010, September 21Swedbank
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Inflation in Latvia grew slightly to 0.8% in August. Exports and imports increased in July despite geopolitical tensions, growing 7.4% and falling 3.5% respectively. Manufacturing output fell 2.6% annually but some sectors such as food and wood products saw growth. Borrowing costs in Latvia have decreased since adopting the euro in January 2014, with interest rates on loans falling over 1 percentage point for some enterprises. However, credit spreads may only gradually shrink over the coming years.
The article discusses the opportunities and challenges for foreign asset managers in the pension markets of eight Central and Eastern European countries that joined the EU on May 1, 2004. While the potential for growth is large, early entrants have faced significant regulatory, distribution, and cultural barriers. The Polish pension market is the largest and most promising but still restricts foreign investment and third-party management. Overall distribution challenges and a need for local infrastructure make it difficult for foreign firms to penetrate these emerging markets.
The document provides information about Latvia and the IMF's support for Latvia's fiscal austerity measures following the 2008 financial crisis. It notes that in 2008, the IMF agreed to lend Latvia €1.7 billion as part of a larger €7.5 billion support package from international lenders. This was intended to stabilize Latvia's economy and defend its currency peg to the euro. Latvia had faced pressure on its currency and large current account deficits due to unsustainable credit growth and wage increases exceeding productivity growth. The IMF praised Latvia's commitment to fiscal austerity measures in exchange for the support package.
recent world trade crisis eurozone-debt-crisis Shashank Singh
The document provides an overview of the Eurozone debt crisis, including its causes, key events, and affected countries. In 3 sentences:
The Eurozone debt crisis began in 2008 with Greece facing unsustainable debt levels due to overspending and borrowing despite insufficient income growth. It spread to other European nations like Portugal, Ireland, Italy and Spain as their debt levels rose. The crisis involved emergency bailouts for affected countries by stronger EU nations and international organizations as well as austerity measures to reduce debt and deficits.
1) Estonia has attracted the most foreign direct investment as a percentage of GDP from euro area countries and other Baltic states since adopting the euro.
2) Latvia and Lithuania saw large drops in FDI, mainly due to restructuring at Swedbank.
3) Adopting the euro is expected to help Latvia attract more foreign investment by increasing credibility, though responsible fiscal policy is also important.
The document discusses monetary unions and the Eurozone. It provides background on monetary unions, describes the stages of economic integration that can lead to a monetary union. It then focuses on the Eurozone, listing the current member countries and those that have not joined. Several charts show unemployment, debt levels, and other economic indicators for various Eurozone countries. The document also examines issues facing the Greek economy like high debt levels, fiscal austerity imposed by international lenders, and Greece's internal devaluation efforts.
This document discusses lessons learned from the Greece crisis. It outlines several problems that contributed to the crisis, including that a common currency does not eliminate the need for internal economic adjustments between countries. It also explains how the creation of the Euro meant sovereign debts were no longer fully backed by individual countries. Interest rate convergence after countries joined the Euro failed to properly account for differences in debt levels between high and low debt nations.
The document discusses the European debt crisis and its impact on pensions. It identifies four key points: 1) the debt crisis poses risks to both funded and unfunded pension systems, 2) implicit pension liabilities should be considered, 3) European politicians need action to restore confidence and contain the debt, and 4) structural reforms are needed and budget deficits must be reduced. It then provides context on the history and causes of the debt crisis, and analyzes four scenarios for resolving it based on regaining market confidence in the short-term and implementing structural reforms in the long-term.
Swedbank's Global Economic Outlook, 2010 AugustSwedbank
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Aranca views: Europe Debt - That Sinking Feeling AgainVikas Sharan
European debt has increased either absolutely or as a percentage of GDP over the years. Aranca’s article provides overview of european debt data, net debt, eurozone inflation data, gdp growth, unemployment rate and more.
Check out the published version here: http://www.aranca.com/knowledge-center/articles-and-publications/300-european-debt-that-sinking-feeling-again
European Debt: That sinking feeling…again? | Articles and PublicationsAranca
European debt has increased either absolutely or as a percentage of GDP over the years. Aranca’s article provides overview of European debt data, net debt, Eurozone inflation data, GDP growth, unemployment rate, etc.
The Eurozone consists of 19 European Union member states that have adopted the euro as their common currency. Several factors contributed to the European debt crisis that began in 2009, including different fiscal rules between eurozone countries, excessive borrowing by some countries like Greece, and the global recession caused by the United States. The crisis emerged as some countries could no longer repay or refinance their government debts without assistance. Germany ultimately took responsibility for repaying debts to prevent the collapse of the European Union.
The document summarizes the road to the euro, the introduction and adoption of the euro as a common currency for European countries, and the impacts of establishing the euro. Key events included establishing the European Monetary Union and European Central Bank in 1998. The euro was introduced in 1999 and replaced national currencies by 2002. It increased trade and investment within the eurozone while reducing exchange rate risks and interest rates. However, Greece's debt crisis from 2008-2010 exposed weaknesses in the eurozone.
This document provides information about an open Production Manager position at Lyngson, a Norwegian radiator factory located just outside of Olaine, Latvia. The factory was built in 2007 and currently employs around 100 workers and a staff of 6-7 people. Lyngson is a family-run company focused on quality and punctuality.
The position requires 5-10 years of production experience in a JIT environment. Strong communication skills in English, Latvian and Russian are essential both written and orally. Interpersonal skills for interacting with suppliers, the head office in Norway, and managing people are key.
Lyngson offers a competitive salary, modern facilities with parking and a canteen, work uniforms that are
Nov 28 ENERGY Matters!! Information on signing up and speaking!Henrik Mjoman
Juris Kaza, Wall Street Journal leads as moderator
So far two wind-mill producers, for use on land or offshore are coming Danish & Finnish...more info as we go!
Matched networking seated having Reindeer with Classic Pea Soup & PunschHenrik Mjoman
Here you will have a Classic Swedish THURSDAY evening dinner with Yellow Pea Soup & Carlshamn's Flagg Punsch heated to boiling point then served, speech by Veterinary of The Animal Shelter, you can Donate to the upkeep of the animals, speak & sponsor - as it is Henrik (the owner's) BIRTHDAY give to the animals (not him!:) , RAFFLE draw. 1 lats from entrance fee of each attendee's is give to the good cause!! Reindeer meat donated by LEINONEN Financial Services - speech by its Deputy Director Mikko Hirvonen...Enjoy! Get to know! Establish NEW Business! LEARN!
Chefs and members are invited to an annual "Managers Cook" event hosted by PRIME Recruitment and B2B LiST on August 22nd at their offices, where managers will work together in teams to cook a three-course meal for colleagues and guests. Attendees can sponsor the wine for their company to be highlighted in marketing or become a chef and help cook starting at 16:30. Limited seating is available so early booking is encouraged.
The PRIME Exotic BBQ will be held on Tuesday June 18th starting at 6:30pm, featuring summery dishes and drinks. The annual barbecue arranged by PRIME Recruitment and B2B LiST is an opportunity for members to network with potential clients and meet old and new acquaintances before summer vacations. Members can attend for 20 Ls while non-members are charged 27 Ls, and colleagues and spouses of members will be charged the member price.
THe LiST is not about rocket science..but it may not come as a surprise that a little understanidng how it works may meet with rewards in many forms..i
Going strong from June 2007, the LiST or B2BLIST as it also is know jumps from clarity to clarity, recently also complemented by the no.41 of The PRIME Match - all of this and more in a year's corporate membership! 2012 the PRIME Team ran 18 events...-Can you afford to remain on the sidelines much more? WE can get business elsewhere also by networking in Latvia! Grow you world from here, free up capacity! Do not become a FAT Cat!
This document contains summaries of several candidates for various positions. The summaries are 3 sentences or less:
1) The first candidate has extensive experience managing international companies and is described as a strategic thinker who delivers results and values efficiency.
2) The second candidate has experience running companies in Russia and understands production processes and logistics. She holds an MBA and is fluent in several languages.
3) The third candidate has 15 years of experience in medical equipment sales and understands the sector and its customers. He can help companies increase sales and shorten time to market.
Digital Marketing with a Focus on Sustainabilitysssourabhsharma
Digital Marketing best practices including influencer marketing, content creators, and omnichannel marketing for Sustainable Brands at the Sustainable Cosmetics Summit 2024 in New York
Navigating the world of forex trading can be challenging, especially for beginners. To help you make an informed decision, we have comprehensively compared the best forex brokers in India for 2024. This article, reviewed by Top Forex Brokers Review, will cover featured award winners, the best forex brokers, featured offers, the best copy trading platforms, the best forex brokers for beginners, the best MetaTrader brokers, and recently updated reviews. We will focus on FP Markets, Black Bull, EightCap, IC Markets, and Octa.
Storytelling is an incredibly valuable tool to share data and information. To get the most impact from stories there are a number of key ingredients. These are based on science and human nature. Using these elements in a story you can deliver information impactfully, ensure action and drive change.
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How are Lilac French Bulldogs Beauty Charming the World and Capturing Hearts....Lacey Max
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Best practices for project execution and deliveryCLIVE MINCHIN
A select set of project management best practices to keep your project on-track, on-cost and aligned to scope. Many firms have don't have the necessary skills, diligence, methods and oversight of their projects; this leads to slippage, higher costs and longer timeframes. Often firms have a history of projects that simply failed to move the needle. These best practices will help your firm avoid these pitfalls but they require fortitude to apply.
𝐔𝐧𝐯𝐞𝐢𝐥 𝐭𝐡𝐞 𝐅𝐮𝐭𝐮𝐫𝐞 𝐨𝐟 𝐄𝐧𝐞𝐫𝐠𝐲 𝐄𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐜𝐲 𝐰𝐢𝐭𝐡 𝐍𝐄𝐖𝐍𝐓𝐈𝐃𝐄’𝐬 𝐋𝐚𝐭𝐞𝐬𝐭 𝐎𝐟𝐟𝐞𝐫𝐢𝐧𝐠𝐬
Explore the details in our newly released product manual, which showcases NEWNTIDE's advanced heat pump technologies. Delve into our energy-efficient and eco-friendly solutions tailored for diverse global markets.
Garments ERP Software in Bangladesh _ Pridesys IT Ltd.pdfPridesys IT Ltd.
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Industrial Tech SW: Category Renewal and CreationChristian Dahlen
Every industrial revolution has created a new set of categories and a new set of players.
Multiple new technologies have emerged, but Samsara and C3.ai are only two companies which have gone public so far.
Manufacturing startups constitute the largest pipeline share of unicorns and IPO candidates in the SF Bay Area, and software startups dominate in Germany.
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Presentation by Herman Kienhuis (Curiosity VC) on Investing in AI for ABS Alu...Herman Kienhuis
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Profiles of Iconic Fashion Personalities.pdfTTop Threads
The fashion industry is dynamic and ever-changing, continuously sculpted by trailblazing visionaries who challenge norms and redefine beauty. This document delves into the profiles of some of the most iconic fashion personalities whose impact has left a lasting impression on the industry. From timeless designers to modern-day influencers, each individual has uniquely woven their thread into the rich fabric of fashion history, contributing to its ongoing evolution.
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China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This PowerPoint compilation offers a comprehensive overview of 20 leading innovation management frameworks and methodologies, selected for their broad applicability across various industries and organizational contexts. These frameworks are valuable resources for a wide range of users, including business professionals, educators, and consultants.
Each framework is presented with visually engaging diagrams and templates, ensuring the content is both informative and appealing. While this compilation is thorough, please note that the slides are intended as supplementary resources and may not be sufficient for standalone instructional purposes.
This compilation is ideal for anyone looking to enhance their understanding of innovation management and drive meaningful change within their organization. Whether you aim to improve product development processes, enhance customer experiences, or drive digital transformation, these frameworks offer valuable insights and tools to help you achieve your goals.
INCLUDED FRAMEWORKS/MODELS:
1. Stanford’s Design Thinking
2. IDEO’s Human-Centered Design
3. Strategyzer’s Business Model Innovation
4. Lean Startup Methodology
5. Agile Innovation Framework
6. Doblin’s Ten Types of Innovation
7. McKinsey’s Three Horizons of Growth
8. Customer Journey Map
9. Christensen’s Disruptive Innovation Theory
10. Blue Ocean Strategy
11. Strategyn’s Jobs-To-Be-Done (JTBD) Framework with Job Map
12. Design Sprint Framework
13. The Double Diamond
14. Lean Six Sigma DMAIC
15. TRIZ Problem-Solving Framework
16. Edward de Bono’s Six Thinking Hats
17. Stage-Gate Model
18. Toyota’s Six Steps of Kaizen
19. Microsoft’s Digital Transformation Framework
20. Design for Six Sigma (DFSS)
To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations
HR search is critical to a company's success because it ensures the correct people are in place. HR search integrates workforce capabilities with company goals by painstakingly identifying, screening, and employing qualified candidates, supporting innovation, productivity, and growth. Efficient talent acquisition improves teamwork while encouraging collaboration. Also, it reduces turnover, saves money, and ensures consistency. Furthermore, HR search discovers and develops leadership potential, resulting in a strong pipeline of future leaders. Finally, this strategic approach to recruitment enables businesses to respond to market changes, beat competitors, and achieve long-term success.
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This presentation is a curated compilation of PowerPoint diagrams and templates designed to illustrate 20 different digital transformation frameworks and models. These frameworks are based on recent industry trends and best practices, ensuring that the content remains relevant and up-to-date.
Key highlights include Microsoft's Digital Transformation Framework, which focuses on driving innovation and efficiency, and McKinsey's Ten Guiding Principles, which provide strategic insights for successful digital transformation. Additionally, Forrester's framework emphasizes enhancing customer experiences and modernizing IT infrastructure, while IDC's MaturityScape helps assess and develop organizational digital maturity. MIT's framework explores cutting-edge strategies for achieving digital success.
These materials are perfect for enhancing your business or classroom presentations, offering visual aids to supplement your insights. Please note that while comprehensive, these slides are intended as supplementary resources and may not be complete for standalone instructional purposes.
Frameworks/Models included:
Microsoft’s Digital Transformation Framework
McKinsey’s Ten Guiding Principles of Digital Transformation
Forrester’s Digital Transformation Framework
IDC’s Digital Transformation MaturityScape
MIT’s Digital Transformation Framework
Gartner’s Digital Transformation Framework
Accenture’s Digital Strategy & Enterprise Frameworks
Deloitte’s Digital Industrial Transformation Framework
Capgemini’s Digital Transformation Framework
PwC’s Digital Transformation Framework
Cisco’s Digital Transformation Framework
Cognizant’s Digital Transformation Framework
DXC Technology’s Digital Transformation Framework
The BCG Strategy Palette
McKinsey’s Digital Transformation Framework
Digital Transformation Compass
Four Levels of Digital Maturity
Design Thinking Framework
Business Model Canvas
Customer Journey Map
Digital Transformation Frameworks: Driving Digital Excellence
Pm41 l!st focus
1. 4
T
here are high expectations in Latvia
with the adoption of the euro,
expected Jan. 1, 2014. Latvia has
officially applied for eurozone membership;
the final decision should be made by
eurozone finance ministers in July.
From the general talk around town,
one would expect the euro to deliver
miracles: low inflation, high growth, low
unemployment, rising foreign investment,
better living standards for all. It can do all
this, but not by itself. The euro will need
help from a good government, and an
inviting investment and business climate.
A part of Latvia’s cherished identity – the
lats – will disappear Jan. 1, hopefully forever.
That means companies need to be preparing
their accounting systems, pricing, etc. for the
changeover. Latvia will be joining a currency
bloc with a combined 9.5 trillion euros
in output last year. What can we expect?
For local companies that trade with the
eurozone, adopting the euro will eliminate
currency risks. The same can be said for
eurozone companies looking to invest in
Latvia – currency fluctuations will not be
a consideration, important in long-term
planning.
Currency transaction costs will also be
eliminated – no need to exchange euros to
lats, and pay a commission, when receiving
payment for products sold to eurozone
customers. And no need to keep forecasting
your currency needs, or hold both currencies
on deposit in the bank.
Price transparency among euro neighbors
– Estonia is our closest – will benefit
consumers. A Latvian living near the
Estonian border may see that a refrigerator,
for example, in Estonia is priced lower than
at home; this comparison made easier as
both are listed in euros. This should increase
price competition within the region.
Will the euro bring inflation with it? There
will be a one-time, transitional inflationary
impact, as companies, in changing pricing
from lats to euros, will round up, rather than
down, euro prices. The Latvian authorities
say they will be watching for this, with stiff
penalties for those, say at the retail level,
that take advantage of the changeover
confusion and try to raise prices excessively.
Nonetheless, the inflationary impact should
be minimal, around 0.2-0.3 percent.
Bank deposits, debts will be automatically
exchanged into euros at the official rate:
0.7028 lats/euro +/- 1%. However, though
this is the target exchange rate now on the
table, it could change. It will be important
that the officials get the exchange rate
right. Too high and Latvia’s producers are
not competitive; there will then be pricing
adjustments. Too low is good for exports, but
we’ll be in for inflation.
Joining the eurozone should boost
confidence with non-eurozone investors
looking to build, say manufacturing facilities,
in Latvia, as the euro represents stability
(despite the current problems) and a large
economic community. It can also be seen
to strengthen a rules-based economy,
with a stronger hand in Latvia’s financial
management from the European Central
Bank and other institutions.
Academic Paul De Grauwe agrees that
investors, company management would
prefer certainty to uncertainty, and that
they, therefore, would prefer to eliminate
exchange rate risk. This is because uncertain
future exchange rates mean uncertain future
company sales volumes for an international
firm. However, he adds that profits for a firm
will be higher when there is exchange rate
theziedonisfinancialreport
Latvia Closes in on the Eurozone
By Dorian Ziedonis, dziedonis01@inbox.lv
Sourcing of premium construction services and construction materials from Eastern Europe,
Russia, Ukraine and the Baltic Countries. www.jlbaltic.lv
2. Spring/Summer 2013 – issue #41
5
theziedonisfinancialreport
uncertainty. This is because when the price
is high, the firm will increase production and
sell more at a higher profit. When the price
is low, the firm will cut back on production.
So, in general, exchange rate uncertainty
may increase the firm’s average profits.
Will adopting the euro increase economic
growth in Latvia? Everyone says ‘Yes.’ The
answer should be ‘Yes, but only a temporary
increase, a direct result of a drop in interest
rates.’
In addition, due to the previous analysis,
by eliminating exchange rate uncertainty,
expected future profits are also reduced:
the expected return on investments made
by firms is lower, so there is less incentive to
invest.
Well, that’s the theory. Can Latvia expect a
large foreign investment surge, and stronger
GDP growth due to the euro? We may be
expecting too much. After all, billions of
euros in investment have already been
flowing into Latvia for the past 20 years,
from the little candle maker, to all the
multinationals, and we didn’t need the euro
for this.
With the euro, will Latvia be an attractive
place to invest? A better question may be:
is Europe a good place to invest? Consulting
firm Grant Thornton in a recent report issued
this warning: companies in Europe since
2009 have lost $2 trillion due to the ongoing
euro crisis, as well as costly regulation. This
has made the eurozone a less favored place
to invest. However, the report adds that
the Baltics may still be attractive due to its
emerging market status.
Experiences from other euro
adopters
Slovenia was first to join
Slovenia joined the eurozone in 2007, three
years after joining the EU. It was the first ex-
communist country to join the euro group of
countries. The mechanics of adoption went
smoothly, with a “Big Bang” transition period
in which the euro immediately replaced the
tolar following an extensive public education
period, wrote the Financial Times.
Fears that introducing the euro would lead
to inflation due to the “rounding-up” effect
proved to be unfounded, as has been the
case in other countries joining the euro. The
actual initial level of euro-induced inflation
in Slovenia was 0.3 percent, and prices
actually fell in January and February 2007.
The larger problem was with Slovenia’s
institutional readiness, and timing, to join
the common currency. It went in at the peak
of the global economic boom, with GDP
growth averaging at around 4 percent, but
the country was also weighed down with
a generous pension system, a rigid labor
market and a weak corporate environment.
That translated into sharply slowing GDP
growth as the country had a difficult time
remaining competitive. The economy grew
by 6.8 percent in 2007, dropping to 3.6
percent in 2008 and the crisis year of 2009
saw the economy contract by 8 percent.
The Financial Times article says that “The
lessons of Slovenia show that underlying
competitiveness, institutions, politics and
policymaking are actually far more important
determinants of success than the specifics of
joining criteria [or the Maastricht criteria].”
Latvia won’t have the institutional readiness
problem that Slovenia had. The country has
gone through a restructuring of government,
its spending priorities, with the IMF and EU-
led assistance, and is in much better position
today if the euro-economy deteriorates
further.
15 January 2007 - Celebration ‘A Welcome to the
Euro’. Mr. Janez Janša, the Prime Minister of the
Republic of Slovenia. Photo: Primož Lavre/Salomon
2000
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3. 6
Bad timing for Slovakia
Slovakia was the next ex-communist country
to join, in 2009, and did so at an exchange
rate that was seen as overvalued and much
less favorable than Slovenia’s, the result
of a strong appreciation trend in the final
months of the economic boom. But fears
that Slovakia had made itself uncompetitive
proved to be overblown, thanks to the
deep economic reforms that the country
undertook at the end of the 1990s that
made it one of the world’s best-performing
economies.
Robert Fico, the left-wing prime minister
who steered the country into the common
currency, ended up calling the euro a
“shield” which defended his country
from the wild currency swings that hit
the rest of Central Europe in late 2008.
Although Slovakia did not get the boost
from depreciation enjoyed by countries
like Poland and Hungary, which maintained
floating currencies, it quickly returned
to growth after suffering a 4.9 percent
contraction in 2009. By 2010, growth was
back at 4.2 percent.
When joining the euro, Fico was very careful
about the prospect of a spike in inflation,
even setting up a commission to monitor
prices and running a program called: “We’re
changing the currency, not the price.”
For several months after adopting the
euro, prices were listed in both euros and
korunas to allow shoppers to make easy
price comparisons, and inflation was not a
problem.
After the initial expected rise in inflation,
longer term the euro has served to tame
inflation. Vladimir Vano, an economist with
Slovakia’s Volksbank, points to the inflation
benefits of being in the euro. Ever since
joining the single currency in 2009, Slovakia
has clocked in lower inflation rates than its
neighbors – Poland, the Czech Republic,
and Hungary. “That means Slovaks have not
seen deterioration in their buying power,” he
says. “The adoption of the euro has brought
us undeniable benefits. We have had no
currency weakening, [we have] low inflation
and lower transaction costs.”
Leading up to euro adoption, analysts
generally were in agreement that the euro
would be beneficial to Slovak citizens as well
as businesses. Eliminated were transaction
and administration costs on trades estimated
at 0.36 percent of GDP, according to the
National Bank of Slovakia.
When looking at manufacturing for Slovakia,
the Czech Republic and Hungary, Slovakia
tracked the other countries fairly closely
during the 2009 downturn, but then actually
did better in the 2010 recovery. As the first
wave of the crisis receded, the advantages of
being in the euro grew for Slovakia, primarily
because foreign investors faced no currency
risk when putting their money into the
country. Other CEE countries have seen their
currencies sag against the euro, but swings
in the forint, zloty and koruna have been
quite wild, adding an element of uncertainty
to investment decisions.
Andreas Tostmann, then head of
Volkswagen’s operations in Slovakia, said
that the country’s status as a eurozone
member was one of the key factors in
deciding to increase investment in the
company’s factory there.
Slovakia has seen a sharp increase in foreign
direct investment, which rose from 123
million euros in 2010 to 518 million euros
last year. Not all of this can be attributed
to the euro, but the euro is in the decision-
making process.
Smooth transition for Estonia
Estonia joined the euro on Jan. 1, 2011, after
successfully retaining its fixed currency peg
against the euro. During the crisis, many
economists advised Estonia, as well as Latvia
and Lithuania, to drop their pegs as a way
of regaining competitiveness – essentially
to devalue the currency. Instead, all three
countries undertook very painful internal
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4. Spring/Summer 2013 – issue #41
7
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devaluations, slashing wages and boosting
competitiveness, and the programs worked.
Estonia undertook a fiscal consolidation
totaling about 14 per cent of GDP and saw
a contraction of 14.3 per cent in 2009, but
was back to growth by 2010. In 2011, its first
year in the eurozone, the economy grew by
7.6 percent.
For Estonia, there was little reason to hang
on to the kroon because its currency board
system meant that it had no independent
monetary policy anyway, and the country did
not want to devalue. It’s the same for Latvia.
Again, fears of an inflationary spike proved
to be exaggerated, with short-term price
variations of only about 0.2 percent during
the changeover. Estonia also saw some
benefits from joining, such as a drop in
interest rates.
For Estonia, which still has fresh memories
of being a Soviet colony, the main imperative
of being in the euro is not economic but
strategic – cementing itself fully into West
European institutions to prevent the danger
of Russian revanchism. “The euro is a long-
term strategic project. It is not just a device
to steer our macroeconomic policies,” said
Marten Ross, former deputy governor of
the Estonian Central Bank, in the Financial
Times.
Estonia kept its budget in order; it is the only
eurozone country with a budget surplus,
wrote Globalpost in a recent review of the
country’s economic performance. National
debt is just 6 percent of GDP, compared to
81 percent in Germany, or 165 percent in
Greece. Cutting-edge tech firms complain
they can’t find people to fill their job
vacancies.
The country continued with three years of
painful government belt-tightening after
the crisis, says Peeter Koppel, investment
strategist at SEB. As well as slashing public
sector wages, the government responded to
the 2008 crisis by raising the pension age,
making it harder to claim health benefits and
reducing job protection.
It still has its share of economic problems.
The average monthly take-home pay of 697
euros is among the lowest in the eurozone
and unemployment at 11.7 percent is still
above the bloc’s average. The jobless rate is
falling however, thanks in part to a thriving
tech sector.
Estonia has also paid close attention to the
fundamentals of establishing a favorable
business environment: reducing and
simplifying taxes, and making it easy and
cheap to build companies. Its location —
with quick access to Nordic, German and
Russian markets — has also helped. Overall,
the euro transition has gone well for Estonia,
with public support in the ascendency.
About Dorian
Ziedonis
Current position:
Editor-in-Chief at the weekly
newspaper ‘The Baltic Times’
Education:
New York University - Leonard N. Stern
School of Business
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