Analytics, Economics, Financial Services, Forum, Latvia
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Thursday, 25.04.2024, 13:57
Rimsevic: it's time people began using resources they have instead of asking for more money
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Latvia has no oil, gold or diamonds, and the only resource there is in Latvia is its people, stressed Rimsevics. "How we will live in the future depends on how strong and educated our people are today," he said, explaining that ways had to be found to implement structural reforms, to prompt population growth, to start making goods with high added value, and to stop external debt from growing.
The Bank of Latvia has been offering various reforms for years, reminded Rimsevics. The central bank, which implements the country's monetary policy, sees "where the blood clots are that hamper the development of the country."
"It is clear why the national economy of Latvia is not developing and why people are leaving the country. Just as the amount of structural funds decreased last year, we started talking about a crisis," said Rimsevics.
Rimsevics said he appreciated the availability of structural funds, "but what will we do when there are no structural funds available but lending has not resumed, what will we do when competitiveness continues to decrease, and there is no extra money in the budget to be handed out?"
Therefore, now is the time we have to analyze and decide how to live with what we have, said Rimsevics.
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