Currency peg to blame for worsening economy, says Cordero

Oct 08, 2009
TBT staff

RIGA - The latest International Monetary Fund World Economic Outlook report, released Oct. 1, calls for the recession in the Baltic countries to continue in 2010 with gross domestic product shrinking 3.7 percent after contracting 17.4 percent this year, reports Bloomberg. "Emerging Europe has been hit particularly hard by the weakening demand for exports and the drop in capital inflows," says the report. Latvia's economy is suffering the second-worst contraction in the European Union and in De ...

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