CRASH LANDING May 14, 2008
It’s started. Latvia’s economic duress – much-debated, widely forecast, grossly underestimated by the powers-that-be – is now an indisputable fact of life. Regardless what the spin doctors on Brivibas Boulevard or Castle Square say, the economy is undergoing a hard landing. Preliminary data released over the past week shows that gross domestic product in the first quarter of the year expanded by a lackluster 3.6 percent compared with the same period in 2007. Further, analysts agree that this thr ...
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