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OECD: Latvia has been a strong reformer in the organization this year

Angel Gurria and Māris Kučinskis. Publicity photo.
On Friday, 15 September, Latvian Prime Minister Māris Kučinskis met with Angel Gurria, secretary general of Organisation for Economic Co-operation and Development, in Riga to discuss OECD report for Latvia’s economy.

Kučinskis said that most recommendations given to Latvia fully comply with the government’s priorities – raising productivity, reforming education and healthcare systems and reducing social inequality.

Compared with recommendations presented in 2015, major progress has been achieved in most areas – a tax reform has been realized, management of state capital associations has been improved, research infrastructure has been improved and certain progress has been achieved for the country’s business environment.

The prime minister also expressed confidence that the situation will continue improving in the coming years.

OECD admits that in spite of external challenges, Latvia’s economic growth has been sustainable in the past several years. This secured important structural reforms in previous years. Wage rise contributed to private consumption. Convergence process towards the level of more developed OECD member states has commenced after 2008-2009 economic crisis.

It is also noted that Latvia is a leader among OECD member states in terms of realized reforms.

Both sides agreed at the meeting that much has been accomplished, and that the initiated reforms should continue. The main recommendations provided by OECD are associated with use of fiscal policy for support of structural reforms, raising productivity and securing better economic opportunities for all residents, as well as better accessibility of healthcare services, housing and jobs. OECD secretary general also mentioned the importance of education reform in Latvia.

Latvia became the 35th member of OECD in July 2016.


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