Latvia is expected to have the fastest economic growth among the Baltic States, according to the OECD

July 5, 2022

Latvia is expected to have the fastest economic growth among the Baltic states, according to the Organization for Economic Cooperation and Development (OECD).

According to the OECD, Latvia’s GDP will grow by 3.5 percent this year.

Latvia’s economy is expected to grow by 1.6 percent next year.

According to the OECD, Latvia’s coordinated consumer price index will rise 13.3 percent this year and 8.6 percent next year. According to the OECD, Latvia’s unemployment rate will rise to 7.2 percent this year and 7.4 percent next year.

According to the OECD, Latvia’s export growth will slow as a result of the consequences of the Ukrainian war, a material deficit, and weaker economic activity in Europe. However, strong demand for certain Latvian goods, such as lumber and food, will slow this decline. Inflation will remain high, reducing real wages and private consumption among residents.

The OECD predicts that Lithuania will have the second fastest economic growth among the Baltic States, with 1.8 percent this year and 1.6 percent next year. The increase in consumer prices in Lithuania is expected to be 15.6 percent this year, and 7.9 percent next year. According to OECD estimates, unemployment in Lithuania will be 7.2 percent this year and 7.4 percent next year.

The OECD forecasts GDP growth of 1.3 percent this year and 1.8 percent next year for Estonia. Consumer prices are expected to rise 14.5 percent this year and 10.9 percent next year. According to the forecast, unemployment in Estonia will be 7.1 percent this year and 8.3 percent next year.

Source: Baltic News Network
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