On 8 April, at the headquarters of the Organisation for Economic Co-operation and Development (OECD) in Paris, the Economic and Development Review Committee held a discussion on the 2019 Economic Survey on Latvia, which is published by the OECD every two years in accordance with its general practice. At the OECD meeting Latvia was represented by a delegation led by the State Secretary of the Ministry of Economics Ēriks Eglītis.
The main focus of the OECD’s 2019 Economic Survey is on the productivity of the Latvian national economy, which is one of the priorities approved by our government for participation in the OECD, and ensuring faster growth of Latvian national economy and welfare of the population.
During the discussion, the members of the OECD Committee appreciated Latvia’s considerable and balanced economic growth, while stressing the need to continue structural reforms to boost further growth. As part of the discussion, we received support for the government’s priority to promote productivity growth, which confirms the important role of the initiatives started by the government to improve welfare of the Latvian population. An important challenge emphasised by OECD countries is the issue of declining population and emigration, which poses a risk to the long-term growth of the Latvian economy.
Like in previous economic surveys, the 2019 Economic Survey will also reflect the OECD’s opinion of Latvia’s current economic situation, the main challenges expected and the process of implementing structural reforms. Among other things, the OECD will provide recommendations to help the Latvian government and policy makers to ensure sustainable development of the national economy.