Analytics, Business, Latvia, Markets and Companies

Dombrovskis believes the fact that Latvia has climbed three places in the ranking is more proof that Latvia's competitiveness is increasing. "This presents ever-new opportunities to residents and businessmen to create new products, raise their added value, conquer new export markets and create new jobs in Latvia," says the premier.

Latvia's accession to the eurozone on January 1 next year, decreasing labor tax burden and other initiatives will continue to make Latvia more attractive to investors, therefore the country will be able to make better use of its geopolitical advantages and increase foreign trade volumes with neighbor countries and beyond, including the fastest-developing regions in the world, believes Dombrovskis.

At the same time, the premier has high opinion of the government's cooperation with its partners, including business associations. He believes this has been one of the factors to help the government precisely identify obstacles hampering faster growth, and find the best solutions to overcome these obstacles.

As reported, Latvia has climbed three places in the World Economic Forum's "Global Competitiveness Report 2013/2014" and is now ranked 52nd.

Latvia is ranked the highest, in 26th place, in terms of labor market efficiency. Latvia has made the biggest progress in macroeconomic environment, climbing from 46th place last year to 29th place this year. In terms of technological readiness, Latvia is ranked 38th, goods market efficiency – 40th, financial market development – 45th. Latvia's lowest evaluation concerns market size. In this category, Latvia is ranked 95th.