Analytics, Economics, Employment, EU – Baltic States, GDP
International Internet Magazine. Baltic States news & analytics
Thursday, 28.03.2024, 19:42
IMF projects Latvia to see deepest economic downturn in Baltics in 2020
The IMF projects Latvia's GDP to contract 6% this year, which is less than the 8.6% contraction forecast in April. Latvia's GDP growth forecast for next has been downgraded to 5.2% from 8.3%.
The IMF expects Latvian consumer prices to rise 0.6% this year. In 2021, inflation is expected to climb to 1.8%.
Latvian unemployment is projected to hit 9% by the end of this year and drop to 8% next year.
Latvia's current account is likely to accumulate a surplus in the amount of 2% of GDP this year but next year Latvia is expected to run a current account deficit of 0.8% of GDP.
Estonia's GDP is expected to reduce by 5.2% and Lithuania will see its economy contract 1.8% this year, which will be the smallest contraction rate in the whole of Europe, the International Monetary Fund estimates.
Lithuania's GDP is projected to grow 4.1% in 2021.
In April, the IMF estimated that Lithuania's economy would shrink 8.1% this year and grow 8.2% next year.
The IMF expects the global economy to contract 4.4%, down 0.8 percentage points from its earlier estimate. The euro area's GDP prognosis changes 1.9 percentage points to minus 8.3%.
According to the World Economic Outlook, the average inflation rate is projected at 1.3% in Lithuania this year, and prices are expected to grow 0.6% in Latvia and 0.2% in Estonia.
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