Latvia Economic Snapshot

2 May 2024

Economic Outlook Note - Latvia

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Economic Survey of Latvia (April 2024)

Russia’s war of aggression against Ukraine has led to higher energy prices and disruptions in trade and supply chains, weighing on economic growth. Economic convergence had already slowed down before the pandemic, calling for accelerating structural reforms. Rising spending pressures related to defence, internal security, health and old age poverty need to be addressed by raising spending efficiency and tax revenue, while the tax burden should be shifted from labour towards other income, property, and environmental taxes. Continuing to improve the capacity of the public sector, fostering investment and innovation and addressing skilled labour shortages are key for raising potential growth.

Executive Summary



September 2023

Economic Policy Reforms: Going for Growth 2023 - Latvia

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Strengthening Latvia’s Housing Affordability Fund (June 2023)

In response to persistent housing quality and affordability challenges, the Latvian government recently established the Housing Affordability Fund, a long-term self-sustaining financing model to channel investment into affordable housing. This report summarises the main findings from a project to support Latvia in identifying the institutional arrangements, funding and financing opportunities, and operational tools to scale up the Fund and ensure its lasting impact on the housing market. The report draws on the rich and diverse experiences of four peer countries in establishing and operating revolving fund schemes for affordable housing (Austria, Denmark, the Netherlands and Slovenia), as well as engagement with a range of stakeholders in the Latvian housing market. This project was carried out by the OECD, in the framework of the Technical Support Instrument of the European Union, in collaboration with the Directorate General for Structural Reform Support of the European Commission and the Latvian Ministry of Economics.

This work is a joint effort of the OECD Economics Department and the Directorate for Employment, Labour and Social Affairs.

Policy actions for affordable housing in Latvia (June 2020)

Housing affordability and quality are pressing challenges in Latvia. While Latvian households spend, on average, less on housing than their OECD peers, many are stuck in poor quality housing. Residential investment has stagnated since 2008, and the housing stock has been insufficiently maintained. In the face of these challenges, public support for housing is limited and an underdeveloped rental market further limits affordable housing alternatives. This report provides an in-depth assessment of housing affordability challenges and identifies policy actions to address them. The report is the result of the work of an interdisciplinary team bringing together the Economics Department and the Directorate for Employment, Labour and Social Affairs. The report contributes to the cross-cutting OECD Horizontal Project on Housing. 

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