Latvia this year has been a “top reformer” in Organization for Economic Cooperation and Development (OECD), said the secretary general of OECD Angel Gurria on September 15, presenting an overview of the state of the national economy.
This is the first time OECD reviews the Latvian economy, as Latvia joined the organization last year.
“Latvia’s economy has grown robustly in recent years on the back of a strong track record in implementing structural reforms, despite a challenging international environment. Rising wages have supported household consumption. After a severe setback in 2008-09, catch-up with higher income OECD countries may have resumed. Government finances are solid and financial market confidence in Latvia is strong. Private sector indebtedness is now lower than in many OECD economies,” the OECD report says.
See the whole report here.