{
  "title": "Republic of Latvia: 2012 Article IV Consultation and Second Post-Program Monitoring Discussions",
  "publication": "IMF Staff Country Reports, January 28, 2013",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/republic-of-latvia-2012-article-iv-consultation-and-second-post-program-monitoring-40274",
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  "summary": "Latvia has rebounded from the crisis, after successfully undertaking a difficult adjustment program. The recovery has been well balanced between external and domestic demand. The labor market is improving but unemployment is still high.",
  "sections": [
    {
      "heading": "Summary findings",
      "content": "- Latvia has rebounded from the crisis after successfully undertaking a difficult adjustment program.\n- The recovery has been well balanced between external and domestic demand.\n- The labor market is improving but unemployment is still high.\n- Past consolidation efforts have brought down the fiscal deficit.\n- The banking system is recovering.\n- Nonresident deposits in the banking system have been expanding rapidly.\n- Economic growth is expected to weaken slightly in 2013, before picking up later.\n- Euro adoption in 2014 appears within reach, subject to some technical uncertainties."
    },
    {
      "heading": "Macroeconomic and fiscal stance",
      "content": "- Fiscal consolidation in prior years reduced the fiscal deficit.\n- Economic growth: expected to weaken slightly in 2013, with a pickup thereafter.\n- Euro adoption: projected for 2014 conditional on resolving technical uncertainties."
    },
    {
      "heading": "Financial sector and external developments",
      "content": "- Banking system: recovering following the crisis.\n- Nonresident deposits: expanding rapidly in the banking system.\n- External vs. domestic demand: recovery balanced between both components."
    },
    {
      "heading": "Labor market",
      "content": "- Labor market conditions: improving.\n- Unemployment: remains high (no numeric value provided in source)."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject: Banking, Credit, External debt, Financial institutions, Fiscal policy, Fiscal stance, Loans, Money, Public debt\n- Keywords: CR, Credit, Fiscal stance, Global, ISCR, Latvian authorities, Loans, Maastricht deficit criterion, obligation, SBA program, staff appraisal, staff representative, statement\n\nInternational Monetary Fund. Republic of Latvia: 2012 Article IV Consultation and Second Post-Program Monitoring Discussions (IMF Staff Country Reports 2013, 028).\n\n---\n\n Content in this bundle\n\n- cr1328\n  - cr1328 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr1328 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: January 28, 2013",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781475519839.002",
    "Latvia has rebounded from the crisis after successfully undertaking a difficult adjustment program.",
    "The recovery has been well balanced between external and domestic demand.",
    "The labor market is improving but unemployment is still high.",
    "Past consolidation efforts have brought down the fiscal deficit.",
    "The banking system is recovering.",
    "Nonresident deposits in the banking system have been expanding rapidly.",
    "Economic growth is expected to weaken slightly in 2013, before picking up later.",
    "Euro adoption in 2014 appears within reach, subject to some technical uncertainties.",
    "Fiscal consolidation in prior years reduced the fiscal deficit.",
    "Economic growth: expected to weaken slightly in 2013, with a pickup thereafter.",
    "Euro adoption: projected for 2014 conditional on resolving technical uncertainties.",
    "Nonresident deposits: expanding rapidly in the banking system.",
    "External vs. domestic demand: recovery balanced between both components.",
    "Labor market conditions: improving.",
    "Unemployment: remains high (no numeric value provided in source).",
    "Subject: Banking, Credit, External debt, Financial institutions, Fiscal policy, Fiscal stance, Loans, Money, Public debt",
    "Keywords: CR, Credit, Fiscal stance, Global, ISCR, Latvian authorities, Loans, Maastricht deficit criterion, obligation, SBA program, staff appraisal, staff representative, statement",
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