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Berzins: Latvia has emerged stronger from downturn

  • 2012-09-27

Latvian President Andris Berzins addresses the 67th session of the UN General Assembly. Photo courtesy of President's Office.

NEW-YORK - Latvia has emerged from the downturn stronger and more competitive with a balanced economy and a beneficial business environment, thereby well prepared for the next growth cycle, Latvian President Andris Berzins pointed out addressing the 67th session of the United Nations General Assembly.

"What matters most, is the sustainability of economic health achieved along with the eurozone integration process. Latvia believes-in that complications can be overcome and aims to introduce the euro in 2014," said Berzins.

The global economic and financial crisis has focused leaders' attention on immediate measures to overcome it, often diverting attention from long term global challenges. The world economy still remains fragile even if some positive trends can be observed, said Berzins.

Latviawelcomes all efforts to stabilize the situation in the eurozone and supports the recent steps to ensure it, he added

"We are working hard to be part of the solution, and a net-contributor to the global economic stability. Latvia's own GDP has grown more than 5.5 percent last year and this positive trend will continue also this year. We have achieved significant progress, both in terms of income and structural convergence over the past decade. Quality of governance and economic structures in Latvia are comparable to those of the OECD countries," said Berzins.

Transition experience and decisive reforms, leading to recovery from the recent crisis, are what Latvia is ready to contribute to the OECD in its expected enlargement, he added.