Republic of Latvia: Staff Report for the 1999 Article IV Consultation
August 10, 1999
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This 1999 Article IV Consultation highlights that macroeconomic developments in Latvia were severely affected by the Russian economic crisis. Real GDP declined by 1.9 percent in the fourth quarter of 1998, and further contraction is estimated for the first quarter of 1999. As a consequence, the rate of unemployment rose to 10.1 percent in May, up from 7 percent a year earlier. Meanwhile, inflation has continued to fall amid continued tight monetary policy and weak domestic demand, reaching 1.9 percent in May.
Subject: Banking, Commercial banks, Economic sectors, Financial institutions, Fiscal policy, Macrostructural analysis, Privatization, Structural reforms, Tariffs, Taxes
Keywords: Baltics, Commercial banks, consumer price inflation, CR, credit growth, deficit, Europe, Global, government, government budget balance, government credit, ISCR, Privatization, privatization receipt, producer price deflation, Structural reforms, Tariffs
Pages:
63
Volume:
1999
DOI:
Issue:
077
Series:
Country Report No. 1999/077
Stock No:
1LVAEA0011999
ISBN:
9781451824421
ISSN:
1934-7685
Notes
Included with the Staff Report are the text of Public Information Notice No. 99/71--IMF Concludes Article IV Consultation with Latvia and a Statement by Mr. Hansen, Executive Director, on July 28, 1999.
