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Latvian economist sees aging, low productivity as key challenges in Baltics
BC, Vilnius/Riga, 17.05.2016.
Print version
Print versionAn aging population and low productivity are the biggest challenges for economic growth in the Baltic countries, Swedbank's chief economist in Latvia said on Tuesday, cites LETA/BNS.
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"We see that Europe is aging. (...) The Baltics are aging faster, so we will have more problems," Martins Kazaks said during Swedbank's economic forum in Vilnius.
According to the economist, taking in workers from third countries is a politically difficult decision, but at least Lithuania can solve its labor shortage problem by bringing Lithuanian expatriates back home.
"You have a safe deposit box somewhere in the UK or Germany and if the economic situation improves, these people will come back“, Kazaks said.
With wages in the Baltic countries growing faster than labor productivity, the question is whether companies will be able to continue raising employee wages in the future, he said.
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