Economy of Latvia

The Latvian economy has faced many stormy years. The economy has taken less than five years to move from being the fastest growing economy in EU to the fastest shrinking and eventually back t the fastest growing economy again. The country of Latvia is small and depends majorly on exports which contribute nearly a third of the GDP.The transit services are highly developed due to its geographic location. Corruption continues to be the greatest hindrance to attracting foreign direct investment. Other sectors that are developed are the wood processing, agriculture and food products, the manufacturing of machinery and electronic industries to be among the improved sectors.

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