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This Selected Issues paper and Statistical Appendix highlights that the strong economic expansion in Latvia that began in 1996 and accelerated in the following year reversed sharply in mid-1998 as a result of both external and domestic shocks. The initial expansion was fueled by accelerating domestic private and public demand, as well as growing demand for Latvia’s output in both new, mostly European Union, and the traditional Commonwealth of Independent States markets. Domestic consumer and investment demand were supported by growing real incomes and tax revenues and pent-up demand carried over from previous years.
This Selected Issues paper and Statistical Appendix highlights that the real GDP growth in Latvia accelerated in the second half of 1997, and is estimated at 6 percent for the year. Growth was broad-based, with particularly strong performance in the services sector and construction, and has been led by increased investment, with real capital formation rising by an estimated 10 percent, and enhanced efficiency. Reflecting the strong economic growth, official unemployment has begun to decline, falling from 71⁄2 percent in mid-year to 6.7 percent at end-January 1998.
This report: Selected Issues and Statistical Appendix was prepared by staff from the International Monetary Fund as background documentation for the periodic consultation with Latvia. Papers discuss: developments and prospects of nonbank financial institutions; foreign direct investment; privatisation. Tables illustrate the text. Further tables give basic data, economic and financial statistics.
'State-Owned Banks in the Transition: Origins, Evolution, and Policy Responses' reviews the experience with state banking over the last decade in the transition economies of Europe and Central Asia. State ownership of banking systems has undermined economic reform efforts and has distorted emerging markets. This study compares various approaches to reform and calls attention to the significant costs associated with continued state ownership. It concludes with lessons from experience and recommendations for policymakers on approaches to reducing state ownership of banks in the region. The findings indicate that restructuring of state banks has proven time consuming and costly, and governments are better off moving swiftly to privatize or liquidate their remaining state banks rather than attempting to rehabilitate them. This report includes seven case studies of individual state banks that have been reformed or privatized over the past decade. The case studies highlight the challenges of implementing various reform measures and illustrate how such challenges have been addressed in difficult economic and political contexts.
This guide is an introduction to English-language sources, in electronic and conventional print forms, dealing with Russia/NIS/Baltic states business issues. It provides evaluative descriptions and costs of all listed sources, and concentrates on recent sources. Sources in respect of some of these countries can be very difficult to locate, and the author provides guidance on how to go about finding them. Contents: Under each country, information sources are grouped in broad categories: Overview (sources designed to answer general, exploratory, country and regional questions; eg. population, politics, how to do business, etc); Current developments (eg. recent changes in tax and other laws, trends in foreign direct investment, latest project tenders); Companies and contacts; Industries and services; Legislation; Organisations (a listing of agencies able to provide assistance, information and business data); Index. The countries covered are: Armenia; Azerbaijan; Belarus; Central Asia and Transcaucasia; Estonia; Georgia; Kazakhstan; Kyrgyztan; Latvia; Lithuania; Moldova; Russian Federation; Ukraine; Uzbekistan.
This guide is an introduction to English language sources, in electronic and print form, dealing with business issues in Russia, the NIS and the Baltic States. It gives evaluative descriptions and costs of all listed sources, concentrating on recent sources. Sources of information on some of these countries can be difficult to locate, and the author gives guidance on how to go about finding them. Contents: Under each country, information sources are grouped in broad categories: Overview (sources designed to answer general, exploratory, country and regional questions, e.g. population, politics, how to do business etc); Current developments (e.g. recent changes in tax and other laws, trends in foreign direct investment, latest project tenders); Companies and contacts; Industries and services; Legislation; Organisations (a listing of agencies and bodies able to provide assistance, information and data to business people).