Economic Downturn : Latvia
- 00:06:31
- European Commission
Economic Downturn : Latvia
The economic downturn has had strong repercussions on the economy of Latvia. This country, which showed the most vigorous expansion in the EU in 2006 (12.2 %), has seen its gross domestic product (GDP) fall by 10.5% in the fourth quarter of 2008. Latvia was forced to request € 7.5 billion from the International Monetary Fund and other creditors in December 2008 after the government had nationalised Parex, the country's second bank. On 19 and 20/03/2009, a European Summit will be held in Brussels during which discussions on the economic downturn will take place. This infoclip, released to illustrate this event, includes footage of: - general views of Riga, capital of Latvia; - unfinished buildings which have been abandoned due to financial problems; - price reductions in shops; - companies which have closed and put their commercial premises on sale or for rent.
European Commission | March 18, 2009
