Republic of Latvia: 2014 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for the Republic of Latvia
KEY ISSUES Context: Latvia's economy continues to recover strongly as it joins the euro area. The output gap is now largely closed, and labor market conditions are tightening despite still high unemployment. The current account is close to balance, while inflation has fallen to near zero due ma...
Gespeichert in:
| Format: | Elektronisch E-Book |
|---|---|
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2014
|
| Schriftenreihe: | IMF Staff Country Reports
Country Report No. 14/115 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | KEY ISSUES Context: Latvia's economy continues to recover strongly as it joins the euro area. The output gap is now largely closed, and labor market conditions are tightening despite still high unemployment. The current account is close to balance, while inflation has fallen to near zero due mainly to declining energy prices. Bank balance sheets are improving but credit continues to contract. The growth of non-resident deposits (NRDs) in the banking system decelerated in 2013. Challenges: Latvia's broadly favorable medium-term outlook faces several external risks. Prolonged weakness in euro area trade partners, or a new episode of global financial volatility could set back the recovery. Ongoing events in Ukraine and Russia could affect the economy through both trade and financial channels, especially if there are broader regional spillovers. Maintaining competitiveness within the euro area will require sustained reform efforts across a number of areas, such as infrastructure, education, labor markets and the judicial system. Staff views: The 2014 budget appropriately continues fiscal consolidation at a gradual pace, and introduces some welcome measures to strengthen the social safety net, but recent changes to the Guaranteed Minimum Income (GMI) benefit should be reconsidered. Medium-term fiscal sustainability has been underpinned by the adoption of the Fiscal Discipline Law (FDL). Efforts to revive bank credit should focus on reducing the private sector's debt overhang, by improving the efficiency and speed of resolution procedures. The large size of NRDs in the banking system is a source of vulnerability and warrants continued vigilant supervision. Authorities' views: The authorities largely concurred with staff's assessment, notwithstanding some differences on tax and benefit policies. They agreed on the importance of structural reforms to preserve competitiveness within the single currency and on the need to maintain higher prudential standards and close supervision of NRD- specialized banks |
| Beschreibung: | 1 Online-Ressource (51 p) |
| ISBN: | 1484376293 9781484376294 |
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| 520 | 3 | |a KEY ISSUES Context: Latvia's economy continues to recover strongly as it joins the euro area. The output gap is now largely closed, and labor market conditions are tightening despite still high unemployment. The current account is close to balance, while inflation has fallen to near zero due mainly to declining energy prices. Bank balance sheets are improving but credit continues to contract. The growth of non-resident deposits (NRDs) in the banking system decelerated in 2013. Challenges: Latvia's broadly favorable medium-term outlook faces several external risks. Prolonged weakness in euro area trade partners, or a new episode of global financial volatility could set back the recovery. Ongoing events in Ukraine and Russia could affect the economy through both trade and financial channels, especially if there are broader regional spillovers. | |
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| index_date | 2024-07-03T20:13:35Z |
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| owner | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM |
| owner_facet | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM |
| physical | 1 Online-Ressource (51 p) |
| psigel | ZDB-1-IMF |
| publishDate | 2014 |
| publishDateSearch | 2014 |
| publishDateSort | 2014 |
| publisher | International Monetary Fund |
| record_format | marc |
| series2 | IMF Staff Country Reports |
| spelling | International Monetary Fund European Dept oth Republic of Latvia 2014 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for the Republic of Latvia Washington, D.C International Monetary Fund 2014 1 Online-Ressource (51 p) txt rdacontent c rdamedia cr rdacarrier IMF Staff Country Reports Country Report No. 14/115 KEY ISSUES Context: Latvia's economy continues to recover strongly as it joins the euro area. The output gap is now largely closed, and labor market conditions are tightening despite still high unemployment. The current account is close to balance, while inflation has fallen to near zero due mainly to declining energy prices. Bank balance sheets are improving but credit continues to contract. The growth of non-resident deposits (NRDs) in the banking system decelerated in 2013. Challenges: Latvia's broadly favorable medium-term outlook faces several external risks. Prolonged weakness in euro area trade partners, or a new episode of global financial volatility could set back the recovery. Ongoing events in Ukraine and Russia could affect the economy through both trade and financial channels, especially if there are broader regional spillovers. Maintaining competitiveness within the euro area will require sustained reform efforts across a number of areas, such as infrastructure, education, labor markets and the judicial system. Staff views: The 2014 budget appropriately continues fiscal consolidation at a gradual pace, and introduces some welcome measures to strengthen the social safety net, but recent changes to the Guaranteed Minimum Income (GMI) benefit should be reconsidered. Medium-term fiscal sustainability has been underpinned by the adoption of the Fiscal Discipline Law (FDL). Efforts to revive bank credit should focus on reducing the private sector's debt overhang, by improving the efficiency and speed of resolution procedures. The large size of NRDs in the banking system is a source of vulnerability and warrants continued vigilant supervision. Authorities' views: The authorities largely concurred with staff's assessment, notwithstanding some differences on tax and benefit policies. They agreed on the importance of structural reforms to preserve competitiveness within the single currency and on the need to maintain higher prudential standards and close supervision of NRD- specialized banks Online-Ausg International Monetary Fund European Dept Sonstige oth http://elibrary.imf.org/view/IMF002/21315-9781484376294/21315-9781484376294/21315-9781484376294.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Republic of Latvia 2014 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for the Republic of Latvia |
| title | Republic of Latvia 2014 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for the Republic of Latvia |
| title_auth | Republic of Latvia 2014 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for the Republic of Latvia |
| title_exact_search | Republic of Latvia 2014 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for the Republic of Latvia |
| title_exact_search_txtP | Republic of Latvia 2014 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for the Republic of Latvia |
| title_full | Republic of Latvia 2014 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for the Republic of Latvia |
| title_fullStr | Republic of Latvia 2014 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for the Republic of Latvia |
| title_full_unstemmed | Republic of Latvia 2014 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for the Republic of Latvia |
| title_short | Republic of Latvia |
| title_sort | republic of latvia 2014 article iv consultation staff report press release and statement by the executive director for the republic of latvia |
| title_sub | 2014 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for the Republic of Latvia |
| url | http://elibrary.imf.org/view/IMF002/21315-9781484376294/21315-9781484376294/21315-9781484376294.xml |
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