The information was translated using the ChatGPT service.
In April of this year, the Organisation for Economic Co-operation and Development (OECD) will present an Economic Review for Latvia in Riga. In this review, OECD experts will provide their insights into the development of our economy, reforms implemented over the past two years, and an in-depth analysis of investment promotion issues. Additionally, the OECD will offer recommendations for further reforms to enhance rapid economic growth.
This week, on January 24 and 25, representatives of an OECD political mission visited Latvia to discuss the progress of the review, reforms undertaken so far, and planned activities in various sectors with representatives of the Latvian government and other institutions.
The OECD analysis and recommendations play a significant role in policy planning in Latvia. They provide an external perspective that allows us to better understand the strengths and weaknesses of Latvia, especially in the context of our closest European Union neighboring countries. This process also encourages further discussions and highlights new aspects to fully develop potential directions for policy planning," emphasized Minister of Economics Viktors Valainis.
During the meetings with Minister of Economics Viktors Valainis, as well as representatives from the Ministry of Economics, the Competition Council, the Investment and Development Agency of Latvia, and the Consumer Rights Protection Centre, discussions were held on Latvia's macroeconomic development and forecasts, investment issues, promotion of credit provision by non-banking financial institutions to businesses, development of state-owned enterprises, as well as competition and housing policy issues.
A separate meeting with OECD experts was organized with the Human Capital Development Council to discuss labor market issues with the Minister of Economics, representatives from the Ministry of Education and Science, and the parliamentary secretary of the Ministry of Welfare, Reinis Uzulnieks. The most significant topic discussed during this session was how to ensure human capital adequate for economic growth, particularly highly qualified labor force. Current issues in education, as well as science, research, development, and innovation policy matters, were also addressed.
In the coming days, representatives of the OECD political mission are scheduled to meet with Finance Minister Arvils Ašeradens, Minister of Environmental Protection and Regional Development Inga Bērziņa, Minister of Transport Kaspar Briškens, Minister of Climate and Energy Kaspars Melns, Minister of Justice Inese Lībiņa-Egnere, Deputy President of the Bank of Latvia Santa Purgaile, and State Chancellery Director Jānis Citskovskis.
As previously reported, Economic Reviews for OECD member countries are prepared every two years. The previous Economic Review for Latvia was prepared in 2022, where OECD experts assessed the situation in Latvia's economy, the main process of implementing reforms, and challenges faced by the Latvian economy, providing recommendations for promoting future growth.
