IMF lowers Latvia’s economic growth forecast

RIGA, Oct. 23 (Xinhua) — The International Monetary Fund (IMF) has cut Latvia’s economic growth forecast for this and next year, according to the World Economic Outlook released by the IMF on Tuesday.
The IMF report said Latvia’s gross domestic product (GDP) growth forecast for this year has been revised to 1.2 percent from 1.7 percent and the GDP growth forecast for 2025 has been lowered to 2.3 percent from 2.4 percent.
The average consumer price index is projected at 1.4 percent this year and 2.2 percent next year.
Latvia’s unemployment rate is expected to reach 6.7 percent this year and drop to 6.5 percent in 2025, according to IMF estimates.
The deficit in Latvia’s current account is projected at 3.8 percent of GDP this year and at 3.6 percent of GDP in 2025. ■