Economy of Latvia
The economy of Latvia is a developed mixed economy. Part of the European single market, the nation has an open trade policy and trades extensively. Latvia has been a member of the World Trade Organization (WTO) since 1999, a member of the European Union since 2004, a member of the Eurozone since 2014 and a member of the OECD since 2016. In the World Bank's final Doing Business report, Doing Business 2020, Latvia ranked 19th for ease of doing business. According to the Human Development Report 2023-24 by the United Nations Development Programme, Latvia has a HDI score of 0.879 (2022). Due to its geographical location, transit services are highly developed, along with timber and wood processing, agriculture and food products, as well as manufacturing of machinery and electronic devices. Latvia's economy has had rapid GDP growth of more than 10% per year before it entered a severe recession in 2009 as a result of an unsustainable current account deficit, collapse of the real estate market...
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