Latvia and COVID-19: Preliminary impressions
Authored by Dzintars Mozgis and Normunds Vaivads
Like in other countries also in Latvia the COVID-19 pandemic has set numerous challenges having caused an unprecedented health-related and economic crisis. The International Monetary Fund (IMF) estimates that the global economy shrunk by 4.4 percent in 2020 and such a decline created the worst recession since the Great Depression of the 1930’s with the ongoing impact of COVID-19. The crisis undermined global financial stability, and large segments of the global economy ground to a standstill. Despite the development of new vaccines, uncertainty remains what recovery could look like.
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