Latvia: the main prospects and challenges of 2021 – Institute of Economics
Task of the science is to serve
people.

– Tolstoy –

Science is the captain, and
practice the soldiers.

– Leonardo da Vinci –

Frontiers of science are like the
horizon: the more we approach
it, the more it moves away.

– Boiste –

The fantasy is more important
than knowing.

– Albert Einstein –

Science – it means organized
knowledge.

– Spencer –

Freedom for the science the
same as the air for a living soul.

– Poincaré –

Research area of all sciences is
endless.

– Pascal –

System of science must be
looked at as the system of
nature: all in it is endless and
necessary.

– Cuvier –

Scientific plan without working
hypothesis is a skeleton without
living body.

– Hirschfeld-

The main research subject of
mankind is the human.

– Goethe –

All is important in science.

– Heine –

Books must be results of
sciences, but sciences not results
of books.

– Bacon –

Scientist is not the one, who
gives the right answers, but the
one, who asks the right
questions.

– Claude Lévi-Strauss –

The more we will seek for the
truth outside us, the more we
will move away of it. The more
we will be able to understand
who we are, the more the truth
will assert us in ourselves.

– Antonio Meneghetti –

Before being dictated the nature
needs to be obeyed.

– Bacon –

A true scientist is not one who
has more acquired, but one who
has more understood.

– Leibniz –

Science – to know how the
being acts. To know the action
of the being.

– Antonio Meneghetti –

Science is benefactor of
mankind.

– Berthelot –

Home » News » Latvia: the main prospects and challenges of 2021

Latvia: the main prospects and challenges of 2021

Original publication available at the China-CEE Institute website.

Introduction

The last year 2020 the world has faced a severe challenge that hit every country. It was not possible to forecast such a widespread Covid-19 and all the consequences it brought as it is never possible to predict something uncontrollable by its nature. However, Latvia is fighting the virus as the whole world does, and it is needed to make a prognosis regarding the future of the country’s economy in the nearest future. 2021 is going to be a year of recovery after Covid-19 crisis. However, the first half of the year is going to be under restrictive measures, so the improvement of the economic situation is more likely to happen in the second half of 2021.

In general, the Latvian economy suffered less other European countries as measures taken by the government were less strict and friendlier for the maintenance of the economy. Nonetheless, as a result of the pandemic, several significant issues need to be fixed in 2021: vaccination schedule, export recovery, reduction of unemployment, an increase of the consumption among the population, decrement of the government deficit and as a result debt ratio. Besides, the introduction of the mandatory minimum state social insurance contribution rate may negatively impact the Latvian economy in 2021.

There is great hope for 2021 not only from the economic point of view but regarding every aspect of the life of society.

Full publication can be found here.

*This article has been made in cooperation with China-CEE institute and is the intellectual property of China-CEE institute