Latvia has the EU's largest shadow economy - World Bank

Jul 23, 2010
TBT Staff

RIGA - A recent study by the World Bank has found that Latvia suffers from the largest shadow economy in the EU.

The study, which covered a period from 1999 to 2007, found that the shadow economy makes up about 41.6% of the country's GDP. It ranked Latvia 109th in the world.

The figure in neighboring Estonia is 40.3%, while in Lithuania it stood at 31.9% of GDP.

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