Lost decade ahead as devaluation pressures mount

Oct 29, 2009
From staff and wire reports

RIGA - In an effort to kick start Latvia’s sputtering economy back to growth, the currency is set to be devalued by at least 15 percent, but only at the end of 2010, say analysts at RBC Capital Markets and Barclays Capital, reports Bloomberg. Even though the government says it will reduce spending and raise revenue by the equivalent of 11 percent of GDP, the European Commission forecasts the fiscal deficit may grow to a record 10 percent this year, twice the initial 5 percent target set last yea ...

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