OECD predicts Latvia the most rapid GDP growth in Baltics
According to predictions from the Organization for Economic Co-Operation and Development, Latvia may experience the most rapid GDP growth among Baltic States in 2018-2019 – 4.5% this year and 3.6% next year. Estonia’s GDP growth is planned at 3.7% this year and 3.2% next year, whereas Lithuania’s GDP growth may reach 3.3% this year and 2.9% next year, as reported by Economy Ministry.
OECD secretary general Angel Gurria said during the presentation of OECD Economic Outlook 2018 that sustainable growth of OECD member states requires structural reforms, because monetary and fiscal policy took are starting to lose their potential. In terms of reforms, a certain degree of stagnation has been noticed in member states over the years, especially when compared to other economies, such as India, Brazil and Argentina, which continue realizing structural reforms in a consequent manner.
It is expected that India and China will soon secure 50% of the global economic growth in the next two years.
This is why OECD invites member states to continue using beneficial national economic growth period to invest in education, skill-development and digital infrastructure to help increase productivity and reduce inequality, as well as reduce external debt level and form fiscal reserves. Read more on bnn-news.com