"Latvia a decade out from the world's largest GDP crash: how it collapsed and how to improve its economic performance". (2nd January 2021)

• Record Type: Journal Article
• Authors: Sommers, Jeffrey; Briskens, Kaspars
• Is Part Of: Journal of contemporary Central and Eastern Europe. Volume 29:Number 1(2021)
• Page Start: 41
• Page End: 67
• Publication Date: 2021-01-02
• Subjects: Latvia -- Austerity -- Neoliberalism -- Internal Devaluation -- Political Economy -- 2008 Financial Crisis; Germany -- Politics and government -- 1990- -- Periodicals; Germany -- Social conditions -- 1990- -- Periodicals; Europe, Central -- Politics and government -- 1989- -- Periodicals; Europe, Eastern -- Politics and government -- 1989- -- Periodicals; Europe, Central -- Social conditions -- Periodicals; Europe, Eastern -- Social conditions -- Periodicals; 320.094
• DOI: 10.1080/25739638.2021.1968593
• Languages: English
• ISSNs: 2573-9638

Abstract

ABSTRACT: This article enumerates several sectors where Latvia's economic performance can be enhanced. Yet, it also delivers by way of a long introduction an overview of Latvia's economic development in the post-Soviet period from a heterodox perspective that hints at why good options might not have been selected in the past. Following the above overview, we provide a detailed sectoral analysis of Latvia's economy since the 2008 financial shock that reveals continued hindrances to its development. We conclude by outlining development-friendly tax and industrial policy recommendations to promote Latvia's continued transformation into a more modern, sustainable, socially responsible and digitally enabled economy.