Austerity worked for Latvia

  • 2016-06-01
  • Leonid Bershidsky
Latvia, the poster child for austerity, has won an important distinction. It has been invited to join the Organisation for Economic Co-operation and Development, the club of the world’s most developed nations. Not bad for a country whose economy declined the most in Europe in 2009. This success also defies the predictions of the Nobel laureate economist Paul Krugman, who has dismissed Latvia’s success. The OECD is quite selective. Latvia will be its 35th member and only the second among post-Soviet nations (Estonia, another austerity champion, was invited in 2...
 
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